Duke Energy Corporation Establishment of At-the-Market Program (with a Forward Component) to Sell Up to $1,500,000,000 of Common Stock

Hunton Andrews Kurth LLP advised Duke Energy Corporation (“Duke Energy” or the “Company”) in connection with the establishment of its at-the-market program to sell up to an aggregate sales price of $1,500,000,000 of shares of the Company’s common stock over a period of time and from time-to-time through either the sales agents or forward counterparties, who will, at the Company’s request, borrow from third parties.

Duke Energy, together with its subsidiaries, is a diversified energy company headquartered in Charlotte, North Carolina with both regulated and unregulated utility operations. Duke Energy conducts its business through three operating business segments. Duke Energy’s electric utilities and infrastructure segment provides retail electric service through the generation, transmission, distribution and sale of electricity to approximately 7.7 million customers within the Southeast and Midwest regions of the United States. Duke Energy’s gas utilities and infrastructure segment serves over 1.6 million customers, including more than 1.1 million customers located in North Carolina, South Carolina and Tennessee, and an additional 531,000 customers located within southwestern Ohio and northern Kentucky. Duke Energy's Commercial Renewables segment is primarily comprised of nonregulated utility-scale wind and solar generation assets located throughout the U.S. On April 24, 2019, Duke Energy executed an agreement to sell a minority interest in a portion of certain renewable assets. The sale closed on September 6, 2019, and resulted in pretax proceeds to Duke Energy of $415 million.

The Hunton Andrews Kurth team included Peter O’Brien, Christina Kwon and Brendan Harney. Joseph Buonanno provided advice on the forward component.