UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 31, 2020

Commission file number	Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, and Telephone Number	IRS Employer Identification No.
1-32853	DUKE ENERGY CORPORATION (a Delaware corporation) 550 South Tryon Street Charlotte, North Carolina 28202-1803 704-382-3853	20-2777218
1-4928	DUKE ENERGY CAROLINAS, LLC (an North Carolina limited liability company) 526 S. Church Street Charlotte, North Carolina 28202-1803 704-382-3853	56-0205520
1-3382	DUKE ENERGY PROGRESS, LLC (an North Carolina limited liability company) 410 South Wilmington Street Raleigh, North Carolina 27601-1748 704-382-3853	56-0165465

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240. 13e-4(c))

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 8.01.   Other Events.

On July 31, 2020, Duke Energy Carolinas, LLC (“DEC”) and Duke Energy Progress, LLC (“DEP”) each filed a Second Agreement and Stipulation of Partial Settlement (the “Stipulations”) with the Public Staff – North Carolina Utilities Commission (the “Public Staff”) in connection with their general rate cases filed with the North Carolina Utilities Commission (the “NCUC”) on September 30, 2019, and October 30, 2019, respectively.  This partial settlement is in addition to the partial settlements between the Public Staff and DEC on March 25, 2020, and the Public Staff and DEP on May 29, 2020, with respect to the recovery of costs related to Hurricanes Florence, Michael, Dorian and Winter Storm Diego.

Pursuant to the Stipulations, DEC, DEP and the Public Staff agreed to a return on equity of 9.6% and a capital structure of 52% equity and 48% debt component; total deferral treatment for approximately $1.3 billion of grid improvement projects; the inclusion through May 31, 2020, of plant in service and other updates totaling approximately $70 million of annual revenue requirement combined for DEC and DEP, subject to Public Staff audit by September 8, 2020, for DEC and by September 15, 2020, for DEP; and a flow back period of five years for unprotected federal Excess Deferred Income Taxes, among other things. The Stipulations do not include an agreement on the recovery of coal ash basin expenditures or the amount of annual depreciation expense. Overviews providing additional detail on the terms of the Stipulation for each of the DEC and DEP settlements are attached to this Form 8-K as Exhibits 99.1 and 99.2.

The hearings on the general rate cases have been postponed and are scheduled to begin on August 24, 2020.  The delay in the hearings is designed to provide sufficient time for the Public Staff  to review the May 31, 2020, revenue requirement updates, and to allow the NCUC and other intervenors time to review the Stipulations.

DEC originally requested that permanent rates go into effect on August 1, 2020. With the delay in the hearing, DEC has requested that interim rates instead be effective on or after August 10, 2020. DEC will now update the interim rate request to reflect the terms of its Stipulation. DEC anticipates requesting updated interim rates to be effective on or after August 24, 2020.

DEP originally requested new rates go into effect September 1, 2020.  With the delay in the hearing, DEP currently plans to make the filings necessary to implement interim rates, effective September 1, 2020, by August 7, 2020.  The interim rate request will reflect the terms of its Stipulation.

The Stipulations are subject to the review and approval of the NCUC. 

Forward Looking Statements

This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:

Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants’ reports filed with the SEC and available at the SEC’s website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Item 9.01. Financial Statements and Exhibits.

(d)       Exhibits.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.