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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):
March 31, 2021
Commission file number
|
Registrant, State of Incorporation or Organization,
Address of Principal Executive Offices and Telephone Number
|
IRS Employer
Identification Number
|
|
|
|
1-32853
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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
(a North Carolina limited liability company)
526 South Church Street
Charlotte, North Carolina 28202-1803
704-382-3853
|
56-0205520
|
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:
|
¨
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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)
|
|
¨
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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:
Registrant
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Title of each class
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Trading
Symbol(s)
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Name
of each exchange on which registered
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Duke Energy
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Common Stock, $0.001 par value
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DUK
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New York Stock Exchange LLC
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Duke Energy
|
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5.125% Junior Subordinated Debentures due January 15, 2073
|
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DUKH
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New York Stock Exchange LLC
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Duke Energy
|
|
5.625% Junior Subordinated Debentures due September 15, 2078
|
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DUKB
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New York Stock Exchange LLC
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Duke Energy
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Depositary Shares each representing a 1/1,000th interest in a share of 5.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share
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DUK PR A
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New York Stock Exchange LLC
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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 7.01. Regulation FD Disclosure.
On March 31, 2021,
the North Carolina Utilities Commission (the “NCUC”) issued an order approving without modification previous settlements
reached by Duke Energy Carolinas, LLC (“DEC”), the North Carolina Public Staff (the “Public Staff”) and
other parties on March 25, 2020, and July 31, 2020, which resolved certain issues in DEC’s base rate case proceeding
originally filed with the NCUC on September 31, 2019. These issues include a return on equity of 9.6% based upon a capital structure
of 52% equity and 48% debt, deferral treatment for approximately $0.8 billion of grid improvement projects with a return,
Unprotected Federal Excess Deferred Income Taxes flow back period of 5 years, and the reasonableness and prudence of $213 million of
deferred storm costs which were removed from the rate case and for which DEC filed a petition seeking to securitize the costs in
October 2020. DEC expects a financing order from the NCUC in May and the securitization transaction to close in the third quarter
of 2021.
In addition, the March 31, 2021 NCUC order approved without modification
the Agreement and Stipulation of Partial Settlement of DEC and Duke Energy Progress, LLC, the Public Staff, the North Carolina Attorney
General’s Office and the Sierra Club, filed with the NCUC on January 25, 2021, which resolved all coal ash prudence and cost recovery
issues through early 2030, including in DEC’s 2019 base rate case proceeding, as well as the equitable sharing issue on remand from
DEC’s 2017 North Carolina rate case as a result of the December 11, 2020, North Carolina Supreme Court opinion.
The order denied DEC’s proposal to shorten the remaining depreciable
lives of certain of DEC’s coal-fired generating plants, indicating that DEC’s integrated resource planning proceeding was
the appropriate proceeding for the review of generating plant retirements.
An overview providing additional detail on the order is attached to
this Form 8-K as Exhibit 99.1. The information in Exhibit 99.1 is being furnished pursuant to this Item 7.01 and shall not be deemed “filed”
for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
Item 9.01. Financial Statements and Exhibits.
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104
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Cover Page Interactive Data File (the cover page XBRL tags are
embedded in the Inline XBRL document).
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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.
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DUKE ENERGY CORPORATION
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Date: April 1, 2021
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By:
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/s/
David S. Maltz
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Name:
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David S. Maltz
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Title:
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Vice President, Legal, Chief Governance Officer and Assistant
Corporate Secretary
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DUKE ENERGY CAROLINAS, LLC
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Date: April 1, 2021
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By:
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/s/ David S. Maltz
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|
Name:
|
David S. Maltz
|
|
Title:
|
Vice President, Legal, Chief Governance Officer and Assistant
Secretary
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Co-Registrant CIK
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0000030371
|
Co-Registrant Amendment Flag
|
false
|
Co-Registrant Form Type
|
8-K
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Co-Registrant DocumentPeriodEndDate
|
2021-03-31
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Co-Registrant Written Communications
|
false
|
Co-Registrant Solicitating Materials
|
false
|
Co-Registrant PreCommencement Tender Offer
|
false
|
Co-Registrant PreCommencement Issuer Tender Offer
|
false
|
Co-Registrant Emerging Growth Company
|
false
|
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