0001104659-12-068886.txt : 20121012 0001104659-12-068886.hdr.sgml : 20121012 20121012150145 ACCESSION NUMBER: 0001104659-12-068886 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20121012 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121012 DATE AS OF CHANGE: 20121012 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAROLINA POWER & LIGHT CO CENTRAL INDEX KEY: 0000017797 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 560165465 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03382 FILM NUMBER: 121141805 BUSINESS ADDRESS: STREET 1: 410 S. WILMINGTON STREET CITY: RALEIGH STATE: NC ZIP: 27601 BUSINESS PHONE: 9195466111 MAIL ADDRESS: STREET 1: 410 S. WILMINGTON STREET CITY: RALEIGH STATE: NC ZIP: 27601 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Duke Energy CORP CENTRAL INDEX KEY: 0001326160 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 202777218 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32853 FILM NUMBER: 121141804 BUSINESS ADDRESS: STREET 1: 550 SOUTH TRYON STREET STREET 2: DEC45 CITY: CHARLOTTE STATE: NC ZIP: 28202 BUSINESS PHONE: 704-382-3853 MAIL ADDRESS: STREET 1: 550 SOUTH TRYON STREET STREET 2: DEC45 CITY: CHARLOTTE STATE: NC ZIP: 28202 FORMER COMPANY: FORMER CONFORMED NAME: Duke Energy Holding Corp. DATE OF NAME CHANGE: 20050628 FORMER COMPANY: FORMER CONFORMED NAME: Deer Holding Corp. DATE OF NAME CHANGE: 20050504 8-K 1 a12-23780_18k.htm 8-K

 

 

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): October 12, 2012

 

DUKE ENERGY CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

 

001-32853

 

20-2777218

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

550 South Tryon Street, Charlotte, North Carolina 28202

(Address of Principal Executive Offices, including Zip code)

 

(704) 594-6200

(Registrant’s telephone number, including area code)

 

CAROLINA POWER & LIGHT COMPANY

d/b/a Progress Energy Carolinas, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

North Carolina

 

001-3382

 

56-0165465

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

410 S. Wilmington Street

Raleigh, North Carolina 27601-1748

(Address of Principal Executive Offices, including Zip code)

 

(704) 594-6200

(Registrant’s telephone number, including area code)

 

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:

 

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

 

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

 

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

 

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

 

 

 


 

Item 7.01.  Regulation FD Disclosure.

 

On October 12, 2012, Carolina Power & Light Company d/b/a Progress Energy Carolinas, Inc. (“Progress Energy Carolinas”) filed a rate case with the North Carolina Utilities Commission (the “NCUC”) requesting an average 11 percent increase in net retail revenues, or approximately $359 million increase in rates.  The requested increase is premised upon a North Carolina retail rate base of $6.9 billion and an 11.25% return on equity on a 55.4% equity component of the capital structure.  The rate increase request is primarily driven by capital investments for plant modernization and recovery of costs.  A procedural schedule has not yet been established, but if approved by the NCUC, rates are expected to go in effect in mid-2013.

 

Item 9.01.  Financial Statements and Exhibits.

 

(d)         Exhibits.

 

99.1                                                   Summary of Progress Energy Carolinas Rate Case Filing in North Carolina

 

2


 

SIGNATURE

 

Pursuant to the requirements of the Securities and 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: October 12, 2012

By:

/s/ Marc E. Manly

 

Name:

Marc E. Manly

 

Title:

Executive Vice President and Chief Legal Officer and Corporate Secretary

 

 

 

 

 

 

 

CAROLINA POWER & LIGHT COMPANY d/b/a Progress Energy Carolinas, Inc.

 

 

 

 

 

 

Date: October 12, 2012

By:

/s/ Marc E. Manly

 

Name:

Marc E. Manly

 

Title:

Executive Vice President and Chief Legal Officer

 

3


 

EXHIBIT INDEX

 

Exhibit

 

Description

 

 

 

99.1

 

Summary of Progress Energy Carolinas Rate Case Filing in North Carolina

 

4

 EX-99.1 2 a12-23780_1ex99d1.htm EX-99.1

Exhibit 99.1

 

Progress Energy Carolinas

Summary of Rate Case Filing in North Carolina

Docket E-2, Sub 1023

 

Major Components of Filing

 

·                  On October 12, 2012, Progress Energy Carolinas (PEC) filed a rate case with the North Carolina Utilities Commission (NCUC) requesting an average 11 percent increase in net retail revenues, or approximately $359 million:

 

·                  The filing requests a net ~$359 million increase in rates, which is net of a ~$28 million reduction in the Demand-Side Management/Energy Efficiency clause

·                  The filing requests an overall rate of return on rate base of ~8.27% based on a requested 11.25% return on equity and a 55.4% equity component of the capital structure

·                  The filing is based on a North Carolina retail rate base of ~$6.9 billion as of March 31, 2012 and adjusted for known and measurable changes through the date of the hearing

·                  A procedural schedule has not yet been established

·                  Revised rates for PEC’s last general rate case went into effect in 1988 and included an authorized return on equity of 12.75% and a 44% equity component of the capital structure

 

·                  This rate increase request is driven by:

 

Primary Drivers

 

Revenue
Requirement

 

% of Total
Request

 

Capital investments of ~$2.3 billion* for plant modernization and other capital additions (see additional information below); includes recovery of post-in-service deferrals associated with the Smith Energy Complex and the Lee Energy Complex, CWIP associated with the Sutton Combined Cycle plant and accelerated depreciation on unscrubbed coal plants that have been retired or will be retired

 

~$

257 million

 

~72

%

Increased nuclear and vegetation management O&M

 

~$

54 million

 

~15

%

All other drivers, primarily increased pension costs and lower customer growth

 

~$

48 million

 

~13

%

 

·                  Capital investments of ~$2.3 billion*, including pro-forma adjustments to reflect known and measurable changes through the date of the hearing include:

 

·                  Smith Energy Complex - ~$570 million

·                  Lee Energy Complex - ~$750 million

·                  Sutton Combined Cycle Construction Work in Progress - ~$415 million (expected in service in 4Q 2013)

·                  Additional plant in service - ~$550 million

 

·                  If approved by the NCUC, rates are expected to go in effect in mid-2013

 

* Represents PEC in total; the retail/wholesale split is ~75% retail and ~25% wholesale; of the retail portion, the NC retail allocable portion is ~85%-90%