Regulated operations contribute more than 85% of operating income, lending stability to cash flow generation Operations in states with generally constructive regulatory environments Operating, regulatory, and customer diversity can offset impact of adverse outcomes in a particular jurisdiction International and domestic merchant generation operations that increase business risk Need to address residual business challenges, including realizing all merger-related cost savings Stable cash flow generation benefiting from recovery of invested capital and modest load growth Liquidity is adequate Large capital spending program necessitates timely rate relief to support credit profile Ongoing need for external financing Elevated debt leverage in terms of debt to EBITDA The stable outlook on Duke Energy Corp. and its subsidiaries reflects the benefits of the company's efforts
