Central Banks' 'Higher for Longer' Rates: The sustained high-interest-rate environment makes new fixed-income investments potentially more attractive, which can exert downward pressure on the prices of existing preferred stocks like DUK-PA with fixed dividend yields.

Inflation (US Inflation at 3.3%): Persistent inflation erodes the purchasing power of DUK-PA's fixed dividend payments, making it less appealing to investors seeking to maintain real returns on their investments.

Energy Price Volatility (Strait of Hormuz Closure): As Duke Energy operates both electric and natural gas utilities, sustained high or volatile oil and natural gas prices can increase operating costs. While regulated utilities can often pass these costs to consumers, prolonged increases could lead to regulatory pressure or impact customer affordability, indirectly affecting the company's financial stability.