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): May 30, 2013

Commission file number	Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, and Telephone Number	IRS Employer Identification No.
1-32853		20-2777218
	DUKE ENERGY CORPORATION (a Delaware corporation) 550 South Tryon Street Charlotte, North Carolina 28202-1803 704-382-3853
1-3382	DUKE ENERGY PROGRESS, INC. (a North Carolina corporation) 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:

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

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

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

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

Item 8.01.  Other Events.

On May 30, 2013, the North Carolina Utilities Commission (the “NCUC”) issued an order approving the terms of a Settlement Agreement between the North Carolina Public Staff (the “Public Staff”) and Duke Energy Progress, Inc. (“Duke Energy Progress”).  This Settlement Agreement was filed on February 28, 2013, by the Public Staff in connection with the rate case filed on October 12, 2012 by Duke Energy Progress.  An overview providing detail on the terms of the NCUC’s order approving the settlement is attached to this Form 8-K as Exhibit 99.1.

Item 9.01.  Financial Statements and Exhibits.

(d)           Exhibits.

99.1Duke Energy Progress Summary of NCUC Order Approving Rate Settlement

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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.

	DUKE ENERGY CORPORATION
Date: May 31, 2013	By:	/s/ Julia S. Janson
		Executive Vice President, Chief Legal
		Officer and Corporate Secretary
	DUKE ENERGY PROGRESS, INC.
Date: May 31, 2013	By:	/s/ Julia S. Janson
		Executive Vice President and Chief Legal Officer

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EXHIBIT INDEX

Exhibit	Description
99.1	Duke Energy Progress Summary of NCUC Order Approving Rate Settlement

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EX-99.1

Exhibit 99.1

Duke Energy Progress

Summary of NCUC Order Approving Rate Settlement

Docket E-2, Sub 1023

Background

·On October 12, 2012, Duke Energy Progress (DEP) filed a rate case with the North Carolina Utilities Commission (NCUC) to request an average 11% increase in retail revenues, or approximately $359 million

·The $359 million request is net of a $28 million reduction in the Demand-Side Management/Energy Efficiency clause

·The filing was based upon 11.25% return on equity (ROE) and a 55.4% equity component of the capital structure

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

·On February 25, 2013, DEP reached agreement with the North Carolina Public Staff, who represents consumers. The agreement was later amended to withdraw DEP’s request to move the Distribution System Demand Response (DSDR) program to base rates

·On May 30, 2013, the NCUC issued an order approving the settlement agreement

Major Components of NCUC Order

·$179 million customer rate increase (an average increase of 5.5%) will be implemented over two years

·Electric rates will increase by $147.4 million, or an average of 4.5 percent, beginning June 1, 2013

·Rates will increase by an additional $31.3 million, or 1 percent, beginning June 1, 2014 due to one-year delay of Sutton CWIP cash recovery

·Customer rate increase based upon ROE of 10.2% and a 53% equity component of the capital structure and a North Carolina retail rate base of $6.7 billion

·DEP will contribute $20 million to help low-income customers in North Carolina pay their energy bills, and the Company will be allowed to reduce its cost of removal liability by $20 million

·Approval of :

·The Company’s proposed nuclear levelization accounting, effective January 1, 2013

·A new coal inventory rider allowing the company to recover a return on coal inventory levels in excess of a 40-day supply

·Additional matters decided by the NCUC include:

·Approval of the change to a single coincident peak cost allocation factor

·Denial of the proposed industrial economic recovery rider

May 30, 2013

Estimated Rate Increase Impacts to Customer Bills

($ in millions)	Year One			Year Two
Base rates	$	179		$	179
Delay of Sutton CWIP Cash recovery (no earnings impact through in service date)	(31		)	—
Cumulative Net Increase to customers ($)	$	147		$	179
Cumulative Net Increase to customers (%)	4.5		%	5.5		%
One time contribution expense	$	20		—
One time reduction of regulatory liability	$	(20	)	—