Overview Key strengths Key risks Lower-risk regulated utility business model with mostly effective regulatory risk management. The company's service territory is exposed to hurricanes and severe storms risk. Regulatory diversity across many regions, and a large customer base supports cash flow stability. Implementation of Duke Energy's clean energy transformation strategy will result in elevated capital spending for the next several years. As Duke Energy executes its clean energy transformation strategy, we think such a move could reduce the company's exposure to environmental risk over the long term. Negative discretionary cash flow over the next several years indicates external funding needs. Senior management remains focused on cost mitigation, which supports credit quality. In October 2021, HB 951 was enacted to establish
