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): November 20, 2017

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
1-3382	DUKE ENERGY PROGRESS, LLC (a 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:

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))

oIndicate 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 o

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. o

Item 7.01   Regulation FD Disclosure.

On November 20, 2017, Duke Energy Progress, LLC (“DEP”) and the Public Staff - North Carolina Utilities Commission (the “Public Staff”) notified the North Carolina Utilities Commission (the “NCUC”) that DEP and the Public Staff (the “Parties”) had reached a preliminary partial settlement in principle (the “Preliminary Settlement”) related to certain issues in the rate case which DEP filed on June 1, 2017, with the NCUC.

The Preliminary Settlement includes, among other things, a return on equity of 9.9% based upon a capital structure of 52% equity and 48% debt.  The parties have not reached a compromise on coal ash basin deferred costs to be recovered and amortization period, and ongoing coal ash costs to be included in rates, as well as deferred storm costs to be recovered and amortization period.  An overview providing detail on the terms of the Preliminary Settlement is attached to this Form 8-K as Exhibit 99.1.

The parties will endeavor to file a final, definitive partial settlement agreement with further details and supporting testimony prior to the commencement of the evidentiary hearing, currently scheduled to begin on November 27, 2017.  A partial settlement will be subject to the review and approval by the NCUC.

Item 9.01.   Financial Statements and Exhibits.

(d)Exhibits.

99.1Duke Energy Progress Summary of 2017 Rate Case Filing in North Carolina

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EXHIBIT INDEX

Exhibit	Description
99.1	Duke Energy Progress Summary of 2017 Rate Case Filing in North Carolina

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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
Dated:   November 20, 2017	/s/ Julia S. Janson
	Julia S. Janson
	Executive Vice President, External Affairs, Chief Legal Officer and Corporate Secretary

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EX-99.1

Exhibit 99.1

Duke Energy Progress

Summary of 2017 Rate Case Filing in North Carolina

(Docket No. E-2, Sub 1142)

Preliminary Notice of Partial Settlement

·On Nov. 20, 2017, Duke Energy Progress (DEP) and the Public Staff - North Carolina Utilities Commission (Public Staff) notified the North Carolina Utilities Commission (NCUC) that DEP and Public Staff (the Parties) have reached a preliminary partial settlement in principle (Preliminary Settlement) related to certain issues in the docket

·Key matters resolved in the Preliminary Settlement include:

·Return on equity of 9.9% based upon a capital structure of 52% equity and 48% debt

·Certain adjustments will be made to rate base for the Mayo Zero Liquid Discharge and Sutton combustion turbine projects

·The deferred tax liability resulting from the NC state income tax change will be returned to customers over four years (rather than five years as proposed by DEP)

·The company’s depreciation rates shall be based on DEP’s filed Depreciation Study, with exceptions to be further defined in the final agreement.

·Other revenue requirement, cost of service and rate design matters will be further defined in the final agreement and be based upon updated property, plant & equipment, accumulated depreciation and revenues calculated through Oct. 31, 2017

·Key issues on which the parties have not reached a compromise include:

·Coal ash basin deferred costs to be recovered and amortization period, and ongoing coal ash costs to be included in rates

·Deferred storm costs to be recovered and amortization period

·The parties will endeavor to file a final, definitive partial settlement agreement with further details and supporting testimony prior to the commencement of the evidentiary hearing, currently scheduled to begin on Nov. 27, 2017

·A partial settlement will be subject to the review and approval by the NCUC

Background

·On June 1, 2017, DEP filed a rate case with the NCUC to request an average 14.9 percent increase in retail revenues, or approximately $477 million:

·The rate case filing requested an overall rate of return of 7.66% based on approval of a 10.75% return on equity and a 53% equity component of the capital structure

·The filing is based on a North Carolina rate base of $8.1 billion as of December 31, 2016 and adjusted for known and measurable changes through August 2017 (hearings are expected to commence late this year)

·This rate increase request is driven by:

Drivers	Revenue Requirement		% of Total Request
Significant Plant Additions and Changes	$	253 million	53	%
Coal Ash Pond Closure costs	$	195 million	41	%
All other changes to rate base, operating costs, and operating revenues	$	29 million	6	%

·Major capital investments(1) including pro-forma adjustments to reflect known and measurable changes include:

·Four new solar sites - $184 million

·Combustion Turbine Units at the Sutton site - $120 million

·Additional investment to complete the combined cycle natural gas-fueled units at the Sutton site (Construction Work-In-Progress included in the 2013 rate case) - $103 million

·Zero Liquid Discharge wastewater treatment system at the Mayo site - $141 million

·Construction Work-In-Progress for the new natural gas-fueled units at the Asheville site (Western Carolinas Modernization Project) - $193 million

·Coal Ash Pond Closure costs include:

·$67 million to recover previously incurred expenses over a five year period

·$129 million for ongoing expenses

·The request also included the recovery of deferred storm costs, including costs incurred to restore service from the historic impacts of Hurricane Matthew, in the amount of $30 million per year for three years.

·The Company has requested the NCUC approve the requested rates to be effective Jan. 1, 2018

(1)  Represents Duke Energy Progress total investment, which is allocated ~60% to NC.