Duke Energy is a regulated utility company that generates, transmits, and distributes electricity and natural gas across the Southeast and Midwest United States through multiple state-regulated subsidiaries. The company operates two main segments: Electric Utilities and Infrastructure, which serves millions of retail electric customers across a diverse generation portfolio including natural gas, nuclear, coal, and renewable sources; and Gas Utilities and Infrastructure, which distributes natural gas to residential, commercial, and industrial customers while maintaining pipeline and storage assets. Duke Energy operates under cost-of-service regulation, where state commissions approve rates designed to recover operating costs and provide a reasonable return on invested capital, with fuel costs and weather impacts largely mitigated through regulatory mechanisms that decouple revenues from usage and commodity price fluctuations.