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 |
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◦ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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). |
99.1 | Duke Energy Progress Summary of 2017 Rate Case Filing in North Carolina |
DUKE ENERGY CORPORATION | |
Dated: June 1, 2017 | /s/ Julia S. Janson |
Julia S. Janson | |
Executive Vice President, External Affairs, Chief Legal Officer and Corporate Secretary |
Exhibit | Description | |
99.1 | Duke Energy Progress Summary of 2017 Rate Case Filing in North Carolina |
• | On June 1, 2017, Duke Energy Progress filed a rate case with the North Carolinas Utilities Commission (NCUC) to request an average 14.9 percent increase in retail revenues, or approximately $477 million: |
o | The rate case filing requests 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 |
o | 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 investments1 including pro-forma adjustments to reflect known and measurable changes include: |
o | Four new solar sites - $184 million |
o | Combustion Turbine Units at the Sutton site - $120 million |
o | 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 |
o | Zero Liquid Discharge wastewater treatment system at the Mayo site - $141 million |
o | 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: |
o | $67 million to recover previously incurred expenses over a five year period |
o | $129 million for ongoing expenses |
• | The request also includes 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. |