# EDGAR Filing Document

**Accession Number:** 0001326160
**File Stem:** 0001326160-25-000156
**Filing Date:** 2025-6
**Character Count:** 43805
**Document Hash:** 33ab6daeea900af4e179453f88ebd499
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001326160-25-000156.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001326160-25-000156

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Duke Energy CORP
- **CENTRAL INDEX KEY:** 0001326160
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 202777218
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32853
- **FILM NUMBER:** 251074117

**BUSINESS ADDRESS:**
- **STREET 1:** 525 SOUTH TRYON STREET
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202-1803
- **BUSINESS PHONE:** 800-488-3853

**MAIL ADDRESS:**
- **STREET 1:** 525 SOUTH TRYON STREET
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202-1803

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Duke Energy Holding Corp.
- **DATE OF NAME CHANGE:** 20050628

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Deer Holding Corp.
- **DATE OF NAME CHANGE:** 20050504

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

    

**FORM 11-K**

**ANNUAL REPORT** 

**PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the Year Ended December 31, 2024** 

**of**

**DUKE ENERGY** 

**RETIREMENT SAVINGS PLAN**

**Commission File Number 1-32853**

**Issuer of Securities held pursuant to the Plan is**

**DUKE ENERGY CORPORATION**

**525 South Tryon Street**

**Charlotte, North Carolina 28202**

    

------

**DUKE ENERGY**

**RETIREMENT SAVINGS PLAN**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Page** |
| **Report of Independent Registered Public Accounting Firm** | <u>[3](#ic89dac6b33eb43a99758da2c82711ba1_7)</u> |
| **Financial Statements:** | |
| Statements of Net Assets Available for Benefits as of December 31, 2024 and 2023 | <u>[4](#ic89dac6b33eb43a99758da2c82711ba1_10)</u> |
| Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2024 | <u>[5](#ic89dac6b33eb43a99758da2c82711ba1_13)</u> |
| Notes to Financial Statements | <u>[6](#ic89dac6b33eb43a99758da2c82711ba1_16)</u> |
| **Supplementary Information:** | |
| Form 5500, Schedule H, Part IV, Line 4a—Schedule of Delinquent Participant Contributions for the Year Ended December 31, 2024 | <u>[12](#ic89dac6b33eb43a99758da2c82711ba1_43)</u> |
| Form 5500, Schedule H, Part IV, Line 4i—Schedule of Assets (Held at End of Year) as of December 31, 2024 | <u>[13](#ic89dac6b33eb43a99758da2c82711ba1_46)</u> |

---

NOTE: All other schedules described by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, have been omitted because they are not applicable.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Plan Administrator and Plan Participants of

Duke Energy Retirement Savings Plan

***Opinion on the Financial Statements***

We have audited the accompanying statements of net assets available for benefits of Duke Energy Retirement Savings Plan (the Plan) as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of Plan's management (Management). Our responsibility is to express an opinion on the financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by Management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Supplemental Schedules***

The supplemental information in the accompanying Schedule of Assets (Held at End of Year) as of December 31, 2024, and Schedule of Delinquent Participant Contributions for the year then ended has been subjected to audit procedures performed in conjunction with the audit of the financial statements of the Plan. The supplemental schedules are the responsibility of Management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements taken as a whole.

---

| |
|:---|
| /s/ McCONNELL & JONES LLP |
| Houston, Texas |
| June 25, 2025 |
| We have served as the Plan's auditors since 2008. |

---

------

**DUKE ENERGY**

 **RETIREMENT SAVINGS PLAN**

**Statements of Net Assets Available for Benefits**

**December 31, 2024 and 2023**

---

| | | |
|:---|:---|:---|
| **(in thousands)** | | |
|  | **2024** | **2023** |
| **Assets** |  |  |
| **Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value | $**10652600** | $9662769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fully benefit-responsive investment contracts at contract value | **466733** | 545924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | **11119333** | 10208693 |
| **Receivables** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | **141558** | 136654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer's contributions | **8853** | 8718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total receivables | **150411** | 145372 |
| **Total Assets** | **11269744** | 10354065 |
| **Net assets available for benefits** | $**11269744** | $10354065 |

---

See Notes to Financial Statements

------

**DUKE ENERGY** 

**RETIREMENT SAVINGS PLAN**

**Statement of Changes in Net Assets Available for Benefits**

**For the Year Ended December 31, 2024**

---

| | |
|:---|:---|
| **(in thousands)** | |
| **Additions to net assets:** | |
| **Net investment income** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | $1490836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | 73151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net investment income | 1563987 |
| **Interest income on notes receivable from participants** | 10355 |
| **Contributions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants | 338468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer | 252470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants' rollover | 26119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total contributions | 617057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total additions to net assets | 2191399 |
| **Deductions from net assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefits paid to participants | 1270537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative fees | 5183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deductions from net assets | 1275720 |
| **Net increase during the year** | 915679 |
| **Net assets available for benefits, beginning of year** | **10354065** |
| **Net assets available for benefits, end of year** | $**11269744** |

---

See Notes to Financial Statements

------

**DUKE ENERGY RETIREMENT SAVINGS PLAN**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

**1. Description of the Plan**

The following description of the Duke Energy Retirement Savings Plan (the Plan) is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan's provisions.

**<u>Participation and Purpose</u>**

The Plan is a defined contribution plan sponsored by Duke Energy Corporation (Duke Energy). Duke Energy and each of its affiliated companies that is at least 80% owned and that participate in the Plan are collectively referred to as the Participating Company. The Plan is administered by the Duke Energy Benefits Committee (Benefits Committee or Plan Administrator) and trusteed by the Fidelity Management Trust Company (Fidelity).

The purpose of the Plan is to provide an opportunity for eligible employees to enhance their long-range financial security through employee contributions, matching contributions and non-elective employer retirement contributions, as applicable, from the Participating Company, and investment among certain investment funds, one of which provides indirect ownership in Duke Energy common stock. The Plan is, in part, an employee stock ownership plan and is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).

Generally, employees of the Participating Company are eligible to enter and participate in the Plan if they are paid on the Participating Company's U. S. payroll system and are non-union (unless agreed to in a collective bargaining agreement).

**<u>Contributions</u>**

Duke Energy automatically enrolls new full or part-time employees eligible for the Plan. The contributions made to the Plan on the employee's behalf will be invested in one or more funds selected in accordance with procedures established by the Plan Administrator. The Company match is invested in the same manner as the employee contributions. If an employee chooses not to participate, the employee can contact Fidelity, the recordkeeper, to change the deferral rate to 0%.

Participants may elect to contribute (subject to certain limitations) in the form of pretax, Roth 401(k), and/or after-tax contributions up to 75% of eligible earnings per pay period without regard to years of service. Various provisions of the Internal Revenue Code of 1986, as amended (IRC) may limit the deferrals of some highly compensated employees. All pretax deferrals are exempt, up to the allowed maximum, from federal and most state income tax withholding in the year they are deferred, but are subject to payroll taxes. Participant deferrals are intended to satisfy the requirements of Section 401(k) of the IRC.

The Participating Company generally matches 100% of the first 6% of the employee's eligible compensation that is contributed to the Plan in the form of pretax and/or Roth 401(k) contributions. A different matching contribution formula may apply to certain groups of employees covered by a collective bargaining agreement. Participant after-tax contributions and matching contributions are intended to satisfy the requirements of Section 401(m) of the IRC. The Participating Company also provides (i) a non-elective employer retirement contribution of 4% of eligible compensation for employees who are not eligible to participate in a defined benefit plan and (ii) discretionary prevailing wage contributions in amounts required to meet prevailing wage/benefit levels for employees subject to prevailing wage requirements. These Participating Company contributions are invested in the same manner as the employee elected contributions.

Participants age 50 or older by the end of the year may contribute an additional pretax and/or Roth 401(k) contribution amount over and above the IRC limits each year. For 2024, the IRC allowed participants age 50 or older to contribute up to $7,500 over and above the $23,000 pretax and/or Roth 401(k) contribution limit. Participating Company does not provide a company match on these additional contributions.

**<u>Rollover Contributions to the Plan</u>**

Rollover contributions represent amounts recorded when participants elect to contribute amounts to their Plan accounts from other eligible, tax-qualified retirement plans or qualified individual retirement accounts. Rollover contributions of approximately $26 million were made to the Plan in 2024.

**<u>Investments</u>**

Participants may invest their Plan accounts in any or all of the core investment funds offered in the Plan, which include stock, bond, specialty, short-term and target retirement date funds, as well as the Duke Energy Common Stock Fund. The value of an account is updated each business day. As of December 31, 2024, 21 funds were offered for investment. As of December 31, 2023, 24 funds were offered for investment.

The Plan offers a brokerage option, BrokerageLink, whereby participants can elect to invest up to 90% of their Plan accounts in numerous publicly traded securities (excluding Duke Energy securities) and mutual funds not offered directly by the Plan.

------

**DUKE ENERGY RETIREMENT SAVINGS PLAN**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

The Plan also offers an investment advisory service (Professional Management) program through the investment advice and management services provider, Financial Engines Advisors, LLC (Financial Engines). For 2024, participants in the Professional Management program were charged an annual fee of 0.195% on their average account balance. For 2023, participants in the Professional Management program were charged an annual fee of 0.26% on their average account balance. Participants may cancel their participation in the Professional Management program at any time without penalty. Online advice through Financial Engines is available at no additional cost to the participant.

**<u>Participant Accounts</u>**

Individual accounts are maintained for each Plan participant. Each participant's account is credited with participant contributions, Participating Company contributions and allocations of Plan earnings and charged with benefit payments, allocations of Plan losses and administrative expenses. Allocations are based on participant elections and earnings and/or account balances, as defined in the Plan document.

The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. The selection from available investment funds is the sole responsibility of each participant, and the Plan is intended to satisfy the requirements of Section 404(c) of ERISA. A participant may elect or change investment funds and/or the contribution allocation percentage among funds at any time.

**<u>Vesting and Distribution</u>**

A participant is 100% vested in their Plan account balance attributable to employee and company matching contributions (and earnings on those contributions). Employer retirement contributions and associated investment earnings are subject to a three-year vesting requirement and also vest, if while employed, the employee dies, becomes disabled or attains age 65. Prevailing wage contributions and associated investment earnings are also subject to a three-year vesting requirement and also vest, if while employed, the employee dies, becomes disabled or attains age 65. The Plan provides for several different types of in-service withdrawals for certain contributions, including hardship (in compliance with Section 401-(k) of the IRC) and age 59 1/2 withdrawals, and withdrawals of rollover and after-tax accounts at any time.

**<u>Forfeitures</u>**

Generally, upon distribution of vested balances following termination of employment, participants' nonvested balances are forfeited. Such forfeitures can be applied to reduce employer contributions or Plan administrative expenses. Forfeitures of $0.8 million and $0.4 million were included in the Plan assets at December 31, 2024, and 2023, respectively. In 2024, forfeited nonvested participant balances of $1.6 million were applied to reduce employer contributions and an insignificant amount was used to reduce Plan administrative expenses.

**<u>Payment of Benefits</u>**

Upon termination of employment, including retirement, death or disability, a participant or, if the participant is deceased, his or her beneficiary, may request the distribution of all or a portion of the balance of the participant's Plan account. Distributions may be made as soon as practicable after the occasion for the distribution, or generally may be delayed until no later than April 1 of the calendar year following the calendar year in which the participant attains age 73. The participant's entire vested account balance must be distributed to a beneficiary by December 31 of the calendar year containing the fifth anniversary of the participant's death.

If the balance of a participant's (or beneficiary's) vested account is at least $1, but $7,000 or less (small benefit), it is distributed as soon as practicable. If a distribution election is not made by the participant, the distribution will be made to an individual retirement account (IRA) maintained by Inspira Financial Trust LLC for any participant who has not attained age 71.

**<u>Notes Receivable from Participants</u>**

Participants may borrow, with some limitations, from their accounts a minimum of $1,000 up to a maximum equal to the lesser of (i) $50,000 minus the highest outstanding loan balance during the 12-month period prior to the new loan, or (ii) 50% of their vested account balances. Loans are to be repaid within 58 months, or up to 15 years for the purchase of a primary residence, through regular payroll deductions (and, following termination of employment, as prescribed by the Benefits Committee or its delegate). The loan is secured by 50% of the balance in the participant's Plan account at the issuance of the loan and bears interest at a rate of 1% more than the prime interest rate in effect at the issuance of the loan, as determined by the Benefits Committee. Principal and interest are paid ratably through payroll deductions (and, following termination of employment, as prescribed by the Benefits Committee or its delegate). Loan receipts will be reinvested based on the participant's investment election for employee contributions at the time of repayment.

**<u>Plan Termination</u>**

Duke Energy expects and intends to continue the Plan indefinitely but has the right under the Plan to amend, suspend or terminate the Plan subject to the provisions set forth in ERISA. In the event of termination of the Plan, the net assets of the Plan would be distributed to participants based on their Plan accounts.

------

**DUKE ENERGY RETIREMENT SAVINGS PLAN**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

**2. Summary of Significant Accounting Policies**

**<u>Basis of Accounting</u>**

The accompanying financial statements have been prepared on an accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (US GAAP).

**<u>Use of Estimates</u>**

The preparation of financial statements in conformity with US GAAP requires Plan management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates. The Plan invests in various securities which are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

**<u>Investment Valuation and Income Recognition</u>**

Investments are reported at fair value except for the fully benefit-responsive synthetic guaranteed investment contracts (GICs), which are stated at contract value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See [Note](#ic89dac6b33eb43a99758da2c82711ba1_37)7 for discussion of fair value measurements. Contract value represents contributions and reinvested income, less any withdrawals plus accrued interest, because these investments have fully benefit-responsive features. Contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. See [Note](#ic89dac6b33eb43a99758da2c82711ba1_34)6 for further discussion of fully benefit-responsive investment contracts.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis and dividends are recorded on the ex-dividend date. Management fees and operating expenses charged to the Plan for investments were deducted from income earned on a daily basis and were not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments.

**<u>Notes Receivable from Participants</u>**

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. No allowance for credit losses has been recorded as of December 31, 2024, and 2023. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan document.

**<u>Payment of Benefits</u>**

Benefits paid to participants are recorded when paid.

**<u>Administrative Expenses</u>**

A portion of administrative expenses of the Plan are paid by Duke Energy.

**<u>Plan Management's Review of Subsequent Events</u>**

In preparing the accompanying financial statements, Plan management has reviewed all known events that have occurred after December 31, 2024, and through June 25, 2025, which is the date the financial statements were available to be issued, for inclusion in the financial statements and footnotes.

**3. Exempt Party-in-Interest Transactions (PII)**

The Plan holds shares in BrokerageLink which are self-directed brokerage accounts managed by Fidelity, the trustee of the Plan. The Plan also invests a significant portion of the Duke Energy Common Stock Fund in shares of Duke Energy Common Stock totaling $1,070.3 million and $1,089.5 million as of December 31, 2024 and 2023, respectively. The Plan earned dividends thereon of $42.6 million for the year ended December 31, 2024. These transactions qualify as PII transactions; however, they satisfy an exemption from the prohibited transaction rules under ERISA.

**4. Federal Income Tax Status**

The Internal Revenue Service (IRS) has determined and informed Duke Energy by a letter dated March 16, 2015, that the Plan is qualified, and the related trust is exempt from federal income tax under the provisions of Section 501(a) of the IRC. The Plan is intended to be tax-qualified under Section 401(a) of the IRC. The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Plan's legal counsel believe the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC and the Plan and the related trust continue to be tax exempt. Therefore, no provision for income taxes has been included in the Plan's financial statements.

------

**DUKE ENERGY RETIREMENT SAVINGS PLAN**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

US GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. There are no uncertain tax positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is not currently under audit by any taxing jurisdictions.

**5. Investment Risk**

Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility risks. Further, due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the accompanying Statements of Net Assets Available for Benefits.

The Plan has invested a significant portion of its assets in the Duke Energy Common Stock Fund. This investment in the Duke Energy Common Stock Fund constituted approximately 10% and 11% of the Plan's net assets available for benefits as of December 31, 2024, and 2023, respectively. As a result of this concentration, any significant fluctuation in the market value of the Duke Energy Common Stock Fund could affect individual participant accounts and the net assets of the Plan.

**6. Benefit-Responsive Investments**

The Plan has an interest in a Stable Value Fund that has investments in fixed income securities and bond funds and may include derivative instruments, such as futures contracts and swap agreements. The Stable Value Fund also enters into a wrapper contract issued by a third party.

As described in Note 2, contract value is the relevant measurement attribute for that portion of the net assets available for benefits attributable to these contracts. For indirect investments in fully benefit-responsive investment contracts within collective investment trusts, net asset value per share should be calculated in a manner consistent with the measurement principles of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 946, *Financial Services - Investment Companies* (ASC 946). As required by ASC 946, the net asset value calculated by the fund is based on the net assets, which includes fully benefit-responsive contracts at contract value. This net asset value represents the plan's fair value. As a result, investments are reported on the Statement of Net Assets Available for Benefits at fair value except for the fully benefit-responsive synthetic GICs, which are stated at contract value. Contract value represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. The Stable Value Fund's 2024 contract value of $479.3 million approximates its fair value of $447.0 million while the Stable Value Fund's 2023 contract value of $562.9 million approximates its fair value of $526.1 million.

Occurrence of certain events may limit the ability of the Plan to transact at contract value with the issuer. The Plan administrator does not believe that the occurrence of such an event is probable.

There are no reserves against contract value for credit risk of the contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but it may not be less than 0%. Such interest rates are reviewed on a quarterly basis for resetting.

As of December 31, 2024, the contract value of the Plan's fully benefit-responsive synthetic GICs within the Stable Value Fund was approximately $466.7 million. As of December 31, 2023, the contract value of the Plan's fully benefit-responsive synthetic guaranteed contracts within the Stable Value Fund was approximately $545.9 million.

**7. Fair Value Measurements**

The FASB ASC 820, *Fair Value Measurements and Disclosures* (ASC 820), defines fair value, establishes a framework for measuring fair value in US GAAP and expands disclosure requirements about fair value measurements. Under ASC 820, fair value is considered to be the exchange price in an orderly transaction between market participants to sell an asset or transfer a liability at the measurement date. The fair value definition under ASC 820 focuses on an exit price, which is the price that would be received by the Plan to sell an asset or paid to transfer a liability versus an entry price, which would be the price paid to acquire an asset or received to assume a liability. Although ASC 820 does not require additional fair value measurements, it applies to other accounting pronouncements that require or permit fair value measurements.

The Plan determines fair value of financial assets and liabilities based on the following fair value hierarchy, as prescribed by ASC 820, which prioritizes the inputs to valuation techniques used to measure fair value into three levels:

**Level 1 inputs:** Unadjusted quoted prices in active markets for identical assets or liabilities that the Plan has the ability to access. An active market for the asset or liability is one in which transactions for the asset or liability occurs with sufficient frequency and volume to provide ongoing pricing information.

**Level 2 inputs:** Inputs other than quoted market prices included in Level 1 that are observable, either directly or indirectly, for the asset or liability. Level 2 inputs include, but are not limited to, quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted market prices that are observable for the asset or liability, such as interest rate curves and yield curves observable at commonly quoted intervals, volatilities, credit risk and default rates.

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**DUKE ENERGY RETIREMENT SAVINGS PLAN**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

**Level 3 inputs:** Unobservable inputs for the asset or liability. Unobservable inputs reflect the Plan's own assumptions about the factors that other market participants would use in pricing an investment that would be based on the best information available in the circumstances.

**<u>Changes in Fair Value Levels</u>**

The availability of observable market data is monitored to assess the appropriate classification of the Plan's investments within the fair value hierarchy. Changes in economic conditions or valuation techniques may require the transfer of investments from one fair value level to another. Transfers between levels are evaluated for their significance based upon the nature of the investments and size of the transfer relative to the net assets available for benefits.

The following table provides by level, within the fair value hierarchy, the Plan's investments at fair value as of December 31, 2024 (in thousands):

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| | | |
|:---|:---|:---|
| | **2024** | **2024** |
|<br>**Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| BrokerageLink | $**1073318** | $**1073318** |
| Stable Value Fund - collective investment trusts | **12608** | **12608** |
| Investments measured at net asset value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Common Stock Fund |  | **1070296** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commingled funds |  | **2920569** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional funds |  | **5575809** |
| Total investments at fair value |  | $**10652600** |

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The following table provides by level, within the fair value hierarchy, the Plan's investments at fair value as of December 31, 2023 (in thousands):

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| | | |
|:---|:---|:---|
| | **2023** | **2023** |
|<br>**Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| BrokerageLink | $906153 | $906153 |
| Stable Value Fund - collective investment trusts | 16987 | 16987 |
| Investments measured at net asset value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Common Stock Fund |  | 1089477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commingled funds |  | 2535668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional funds |  | 5114484 |
| Total investments at fair value |  | $9662769 |

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Valuation methods of the primary fair value measurements disclosed above are as follows. There have been no changes in the methodologies used at December 31, 2024 or 2023.

**Common Stock Fund:** Valued at the closing price in the principal active market on which the securities are traded. Principal active markets include published exchanges such as National Association of Securities Dealers Automated Quotations (NASDAQ), New York Stock Exchange (NYSE), New York Mercantile Exchange (NYMEX) and Chicago Board of Trade, as well as pink sheets, which is an electronic quotation system that displays quotes for broker-dealers for many over-the-counter securities. The Plans' investments in common stock within the BrokerageLink account are valued using Level 1 measurements.

The Duke Energy Common Stock Fund is comprised of common stock as well as cash and cash equivalents. The value of a unit reflects the combined market value of the underlying stock and market value of the short-term cash position. The market value of the common stock portion of the fund is based on the closing market price of the common stock on the NYSE times the number of shares held in the fund. The market value of the cash and cash equivalents is based on the net asset value of shares held in the Fidelity Institutional Money Market Treasury Portfolio Class I.

**Institutional funds:** The fair value of these investments has been estimated using the net asset value of units held by the Plan at year end. Net asset value is not a publicly-quoted price in an active market. There are currently no standard redemption restrictions or redemption notice period, and the standard redemption frequency was immediate for these funds.

**Commingled funds:** Valued at the net asset value of shares held by the Plan at year end.

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**DUKE ENERGY RETIREMENT SAVINGS PLAN**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

**Stable Value Fund:** The Plan's investment in the Stable Value Fund's collective investment trusts is valued using Level 1 measurements. Investments in the Stable Value Fund collective investment trusts are based on the underlying unit value reported by the Wells Fargo/BlackRock Short Term Investment Fund S.

**8. Plan Changes**

Effective January 1, 2023, the minimum required distribution provision was amended to reflect SECURE 2.0.

Effective January 1, 2023 eligibility for the 2023 true-up matching contribution was changed.

Effective January 1, 2023, provisions regarding disclaimers and powers of attorneys were added.

Effective January 1, 2023, May 1, 2023, and January 1, 2024, modifications were made to the definitions of eligible earnings and total pay.

Effective January 1, 2023, June 1, 2023, and September 7, 2023, special vesting provisions were added in connection with certain corporate events and, effective September 7, 2023, a special rollover provision was added in connection with a corporate transaction.

Effective September 1, 2023, special adoption, vesting, and rollover provisions were added in connection with a corporate transaction.

Effective January 1, 2024, the small account cash-out provision was revised.

Effective January 1, 2024, prevailing wage contributions were added.

Effective January 1, 2024, the list of affiliated sponsors was updated.

Effective January 1, 2024, the required beginning date and other minimum required distributions provisions were modified to reflect SECURE 2.0 guidance.

Effective January 1, 2024, the provisions regarding the use of forfeitures were clarified.

Effective April 1, 2024, special vesting provisions were added in connection with outsourcing certain employees.

Effective January 1, 2025, the higher catch-up contribution limit for participants who would attain age 60 but not age 64 during a year was added.

Effective January 1, 2025, installments were added as a form of distribution for beneficiaries.

Effective January 1, 2025, partial distributions and installments were added as forms of distribution for the money purchase plan account.

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**DUKE ENERGY RETIREMENT SAVINGS PLAN**

**EIN: 20-2777218 PN: 002**

**Form 5500, Schedule H, Part IV, Line 4a – Schedule of Delinquent Participant Contributions**

**For the Year Ended December 31, 2024** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Participant Contributions Transferred Late to Plan** | **Total that Constitutes Nonexempt Prohibited Transactions** | **Total that Constitutes Nonexempt Prohibited Transactions** | **Total that Constitutes Nonexempt Prohibited Transactions** | **Total Fully Corrected Under VFCP and PTE 2002-51** |
| **Check here if Late Participant Loan Repayments are included: ☐** | **Contributions Not Corrected** | **Contributions Corrected Outside of VFCP\*** | **Contributions Pending Correction in VFCP** | **Total Fully Corrected Under VFCP and PTE 2002-51** |
| $**1026** | $**—** | $**1196** | $**—** | $**—** |

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See accompanying Report of Independent Registered Public Accounting Firm

\*Includes remittance of lost earnings

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**DUKE ENERGY RETIREMENT SAVINGS PLAN**

**EIN: 20-2777218 PN: 002**

**Form 5500, Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year)**

**December 31, 2024** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issue, Borrower, Lessor or Similar Party** | **(c) Description of Investment including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value** | **(d) Cost** | **(e) Current**<br> **Market Value (in thousands)** |
| | **Common Stock Funds** | | | |
| \* | Duke Energy Common Stock Fund | 41,513,212 shares | \*\* | $1070296 |
|  | **Institutional Funds** |  |  |  |
| \* | US Equity Small/Midcap Blend Fund | 14,728,193 shares | \*\* | 572190 |
| \* | Fixed Income Index Fund | 8,905,269 shares | \*\* | 95465 |
| \* | US Equity Small/Midcap Index Fund | 14,887,655 shares | \*\* | 182374 |
| \* | Non-US Equity Index Fund | 43,968,608 shares | \*\* | 511355 |
| \* | US Equity All Cap Blend Fund | 17,236,330 shares | \*\* | 928349 |
| \* | Non-US Equity Blend Fund | 33,593,514 shares | \*\* | 527082 |
| \* | Fixed Income Blend Fund | 32,568,247 shares | \*\* | 520115 |
| \* | Target Retirement Date Fund 2025 | 8,184,996 shares | \*\* | 208390 |
| \* | Target Retirement Date Fund 2030 | 11,028,557 shares | \*\* | 297550 |
| \* | Target Retirement Date Fund 2035 | 9,378,445 shares | \*\* | 276101 |
| \* | Target Retirement Date Fund 2040 | 9,592,199 shares | \*\* | 284792 |
| \* | Target Retirement Date Fund 2045 | 10,372,917 shares | \*\* | 313262 |
| \* | Target Retirement Date Fund 2050 | 9,155,853 shares | \*\* | 283282 |
| \* | Target Retirement Date Fund 2055 | 7,965,114 shares | \*\* | 246361 |
| \* | Target Retirement Date Fund 2060 | 9,628,654 shares | \*\* | 177071 |
| \* | Target Retirement Date Fund Post Retirement | 8,429,610 shares | \*\* | 152070 |
|  | **Total Institutional Funds** |  |  | 5575809 |
|  | **Commingled Funds** |  |  |  |
| \* | US Equity S&P 500 Index Fund | 51,057,793 shares | \*\* | 2884255 |
| \* | Diversified Real Asset Fund | 894,605 shares | \*\* | 12864 |
| \* | Global Real Estate Investment Trust Fund | 1,137,780 shares | \*\* | 23450 |
|  | **Total Commingled Funds** |  |  | 2920569 |
|  | **Self-directed Brokerage Accounts** |  |  |  |
| \* | Fidelity BrokerageLink | 1,073,317,961 shares | \*\* | 1073318 |
|  | **Common Collective Trust Funds** |  |  |  |
|  | Security-backed (Synthetic) Investment Contracts |  | \*\* | 466733 |
|  | Short-Term Investment Fund A S | 31,713,699 units | \*\* | 12608 |
|  | **Total Common Collective Trust Funds** |  |  | 479341 |
|  | **Total Investments** |  |  | 11119333 |
| \* | Participant Loans | Participant Loans | – 0 – | 141558 |
|  |  | Interest Rates ranging from 3.25% - 9.5% |  |  |
|  | **Total** |  |  | $**11260891** |

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\* Permitted party-in-interest

\*\* Cost information is not required for participant-directed investments and, therefore, is not included

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| | |
|:---|:---|
|<br>**Exhibit Number** | **EXHIBITS**<br>**Description** |
| 23.1 | <u>[Consent of Independent Registered Public Accounting Firm](rsp-2024xauditorconsent.htm)</u> |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Duke Energy Benefits Committee has duly caused this Annual Report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
| | **DUKE ENERGY RETIREMENT SAVINGS PLAN** | **DUKE ENERGY RETIREMENT SAVINGS PLAN** |
| Date: |  |  |
| June 25, 2025 | By: | /s/ Renee Metzler |
|  |  | **Renee Metzler** |
|  |  | **VP, Total Rewards & HR Operations** |

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## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We hereby consent to the incorporation by reference in Registration Statement No. 333-210068 on Form S-8 of Duke Energy Corporation of our report dated June 25, 2025, appearing in the Annual Report on Form 11-K of the Duke Energy Retirement Savings Plan for the year ended December 31, 2024.

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| |
|:---|
| /s/ McCONNELL & JONES LLP |
| Houston, Texas |
| June 25, 2025 |

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