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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): July 15, 2024

 

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)

525 South Tryon Street

Charlotte, North Carolina 28202

800-488-3853

 

20-2777218

1-3274

DUKE ENERGY FLORIDA, LLC

(a Florida limited liability company)

299 First Avenue North

St. Petersburg, Florida 33701

800-488-3853

59-0247770

 

 

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:

 

Registrant   Title of each class   Trading Symbol(s)   Name of each exchange on
which registered
Duke Energy   Common Stock, $0.001 par value   DUK   New York Stock Exchange LLC
Duke Energy   5.625% Junior Subordinated Debentures due September 15, 2078   DUKB   New York Stock Exchange LLC
Duke Energy   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   DUK PR A   New York Stock Exchange LLC
Duke Energy   3.10% Senior Notes due 2028   DUK 28A   New York Stock Exchange LLC
Duke Energy   3.85% Senior Notes due 2034   DUK 34   New York Stock Exchange LLC
Duke Energy   3.75% Senior Notes due 2031   DUK31A   New York Stock Exchange LLC

 

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 July 15, 2024, Duke Energy Florida, LLC (“DEF”) filed a Settlement Agreement (the “Settlement”) with the Florida Public Service Commission (“FPSC”). The parties to the Settlement include DEF, the Office of Public Counsel, and other intervening parties (collectively, the “Parties.”)

 

Pursuant to the Settlement, the Parties agreed to a base rate stay-out provision that expires year-end 2027; however, DEF is allowed an increase to its base rates in 2025 and 2026, as well as utilization of certain tax benefits in lieu of a revenue increase in 2027. Additionally, revenue increases related to solar investments will be recovered via the Solar Base Rate Adjustment (“SOBRA”) mechanism.

 

The Parties also agreed to a return on equity (“ROE”) band of 9.3% to 11.3% with a midpoint of 10.3% based on a capital structure of 53% equity and 47% debt.

 

The Settlement is subject to the review and approval of the FPSC.

 

An overview providing additional detail on the Settlement 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.

 

(d)            Exhibits.

 

99.1Duke Energy Florida, LLC Fact Sheet Regarding 2024 Rate Case Settlement.
104Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).

 

 

 

 

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.

 

  DUKE ENERGY CORPORATION
   
Date: July 15, 2024 By: /s/ David S. Maltz            
  David S. Maltz
  Vice President, Legal, Chief Governance Officer and Assistant Corporate Secretary
   
  DUKE ENERGY FLORIDA, LLC
   
Date: July 15, 2024 By: /s/ David S. Maltz            
  David S. Maltz
  Vice President, Legal, Assistant Secretary and Chief Governance Officer

 

 

 

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