Document

0001881229-24-000003.txt : 20240103 0001881229-24-000003.hdr.sgml : 20240103 20240103132510 ACCESSION NUMBER: 0001881229-24-000003 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240101 0000017797 0000017797 FILED AS OF DATE: 20240103 DATE AS OF CHANGE: 20240103 ABS ASSET CLASS: Debt Securities FILER: COMPANY DATA: COMPANY CONFORMED NAME: Duke Energy Progress NC Storm Funding LLC CENTRAL INDEX KEY: 0001881229 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance IRS NUMBER: 872308312 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-259315-01 FILM NUMBER: 24505358 BUSINESS ADDRESS: STREET 1: 410 SOUTH WILMINGTON STREET CITY: RALEIGH STATE: NY ZIP: 27601-1748 BUSINESS PHONE: 704-382-3853 MAIL ADDRESS: STREET 1: 410 SOUTH WILMINGTON STREET CITY: RALEIGH STATE: NY ZIP: 27601-1748 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DUKE ENERGY PROGRESS, LLC. CENTRAL INDEX KEY: 0000017797 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 560165465 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 001-03382 FILM NUMBER: 24505359 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 FORMER COMPANY: FORMER CONFORMED NAME: DUKE ENERGY PROGRESS, INC. DATE OF NAME CHANGE: 20130514 FORMER COMPANY: FORMER CONFORMED NAME: CAROLINA POWER & LIGHT CO DATE OF NAME CHANGE: 19920703 10-D 1 depncstormfunding-20240101a.htm 10-D Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER

DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the semi-annual distribution period from

July 1, 2023 to December 31, 2023

Commission File Number

Registrant; State of Incorporation; Address; and Telephone Number

IRS Employer Identification No.

333-259315-01

DUKE ENERGY PROGRESS NC STORM FUNDING, LLC

87-2308312

(Delaware)

525 South Tryon Street, Charlotte, North Carolina 28202

800-488-3853

1-3382

DUKE ENERGY PROGRESS, LLC

56-0165465

(Depositor and Sponsor)

(North Carolina)

411 Fayetteville Street, Raleigh, North Carolina 27601

800-488-3853

Registered/reporting pursuant to (check one)

Name of exchange

Title of class

Section 12(b)

Section 12(g)

Section 15(d)

(If Section 12(b))

Series A 2028 Senior Secured Storm Recovery Bonds

Series A 2037 Senior Secured Storm Recovery Bonds

Series A 2041 Senior Secured Storm Recovery Bonds

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ No o

PART I – DISTRIBUTION INFORMATION

Item 1. Distribution and Pool Performance Information.

The response to Item 1 is set forth in part herein and in part in Exhibit 99.1.

The record date for distributions described in Exhibit 99.1 is January 1, 2024.

Introductory and explanatory information regarding the material terms, parties, and distributions described in Exhibit 99.1 is included in the Prospectus dated November 17, 2021, of Duke Energy Progress NC Storm Funding LLC (Issuing Entity) relating to the Series A Senior Secured Bonds (Bonds) filed with the Securities and Exchange Commission pursuant to Rule 424(b)(1) of the Securities Act of 1933 on November 18, 2021.

As indicated in Exhibit 99.1, all required interest and scheduled principal payments on the Bonds have been made with respect to the January 1, 2024, distribution date.

The following Items have been omitted pursuant to General Instruction C of Form 10-D:

•Item 1A. Asset-Level Information.

•Item 1B. Asset Representations Reviewer and Investor Communication.

PART II – OTHER INFORMATION

Item 2. Legal Proceedings.

None.

Item 3. Sale of Securities and Use of Proceeds.

None.

The following Items have been omitted pursuant to General Instruction C of Form 10-D:

•Item 4. Defaults Upon Senior Securities.

•Item 5. Submission of Matters to a Vote of Security Holders.

•Item 6. Significant Obligors of Pool Assets.

•Item 7. Change in Sponsor Interest in the Securities.

•Item 8. Significant Enhancement Provider Information.

Item 9. Other Information.

None.

Item 10. Exhibits

Exhibits filed here within are designated by an asterisk (*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated.


Exhibit No.						Description
3.1						Certificate of Formation of Duke Energy Progress NC Storm Funding LLC (filed with the Registration Statement on Form SF-1 of Duke Energy Progress, LLC (File No. 333-259315-01) on November 1, 2021)
3.2						Amended and Restated Limited Liability Company Agreement of Duke Energy Progress NC Storm Funding LLC dated and effective as of November 15, 2021 (Form 8-K filed November 19, 2021)
4.1						Indenture, dated as of November 24, 2021, by and between Duke Energy Progress NC Storm Funding LLC and The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee and Securities Intermediary (Form 8-K filed November 24, 2021)
10.1						Storm Recovery Property Servicing Agreement, dated as of November 24, 2021, by and between Duke Energy Progress NC Storm Funding LLC and Duke Energy Progress, LLC (Form 8-K filed November 24, 2021)
10.2						Storm Recovery Property Purchase and Sale Agreement, dated as of November 24, 2021, by and between Duke Energy Progress NC Storm Funding LLC and Duke Energy Progress, LLC (Form 8-K filed November 24, 2021)
10.3						Administration Agreement, dated as of November 24, 2021, by and between Duke Energy Progress NC Storm Funding LLC and Duke Energy Progress, LLC (Form 8-K filed November 24, 2021)
*99.1						Semi-annual Servicer's Certificate relating to the Bonds, dated December 2 1 , 2023

SIGNATURES

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 thereunto duly authorized.


Date:	January 3, 2024	DUKE ENERGY PROGRESS NC STORM FUNDING LLC
		(Issuing Entity)

		By: Duke Energy Progress, LLC, as Servicer


	By:	/s/ Cynthia S. Lee
		Cynthia S. Lee
		Vice President, Chief Accounting Officer and Controller

EX-99.1 2 depncstormfunding-20240101.htm EX-99.1 Document

Exhibit 99.1

SEMI-ANNUAL SERVICER’S CERTIFICATE

Pursuant to Section 4.01(c)(ii) of the Storm Recovery Property Servicing Agreement, dated as of November 24, 2021 (Servicing Agreement), by and between DUKE ENERGY PROGRESS, LLC, as servicer (Servicer), and DUKE ENERGY PROGRESS NC STORM FUNDING LLC, the Servicer does hereby certify, for the January 1, 2024, Payment Date (Current Payment Date), as follows:

Capitalized terms used but not defined herein have their respective meanings as set forth in the Servicing Agreement. References herein to certain sections and subsections are references to the respective sections of the Servicing Agreement or the Indenture, as the context indicates.

Collection Periods: July 1, 2023 to December 31, 2023

Payment Date: January 1, 2024

1.Collections Allocable and Aggregate Amounts Available for the Current Payment Date:

Remittances for the

July 2023

Collection Period

3,805,870.41

ii.

Remittances for the

August 2023

Collection Period

5,637,936.55

iii.

Remittances for the

September 2023

Collection Period

5,393,094.69

iv..

Remittances for the

October 2023

Collection Period

6,004,327.29

Remittances for the

November 2023

Collection Period

3,548,524.13

vi.

Remittances for the

December 2023

Collection Period

3,978,332.06

vii.

viii.

ix.

Investment Earnings on General Subaccount

343,681.71

Investment Earnings on Capital Subaccount

66,156.09

xi.

Investment Earnings on Excess Funds Subaccount

710.65

xii.

General Subaccount Balance (sum of i through xi above)

28,778,633.58

xiii.

Excess Funds Subaccount Balance as of prior Payment Date

—

xiv.

Capital Subaccount Balance as of prior Payment Date

1,862,325.74

2. Outstanding Amounts as of prior Payment Date:


i.	Storm Recovery Series A	2028	Outstanding Amount	$	171,829,151.00
ii.	Storm Recovery Series A	2037	Outstanding Amount	352,000,000.00
iii.	Storm Recovery Series A	2041	Outstanding Amount	196,627,000.00
iv.	Aggregate Outstanding Amount of all Storm Recovery Bonds			$	720,456,151.00

3. Required Funding/Payments as of Current Payment Date:


	Principal		Principal Due
i.	Storm Recovery Series A	2028	$	17,108,196.00
ii.	Storm Recovery Series A	2037	—
iii.	Storm Recovery Series A	2041	—
iv.	All Storm Recovery Bonds		$	17,108,196.00

Exhibit 99.1


	Interest
			Interest Rate		Days in Interest Period	Principal Balance		Interest Due
v.	Storm Recovery Series A	2028	1.295	%	183	$	171,829,151.00	$	1,112,593.75
vi.	Storm Recovery Series A	2037	2.387	%	183	352,000,000.00		4,201,120.00
vii.	Storm Recovery Series A	2041	2.799	%	183	196,627,000.00		2,751,794.87

viii.	All Storm Recovery Bonds							$	8,065,508.62
						Required Level		Funding Required
ix.	Capital Account					$	3,848,135.00	$	—

4. Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture:


i.	Trustee Fees and Expenses; Indemnity Amounts						$	14,400.00
ii.	Servicing Fee						192,406.75
iii.	Administration Fee						—
iv.	Operating Expenses						175,296.40

Storm Recovery Bonds			Aggregate		Per $1,000 of Original Principal Amount
v.	Semi-Annual Interest (including any past-due for prior periods)						$	8,065,508.62
1.	Storm Recovery Series A	2028	$	1,112,593.75	$	6.47
2.	Storm Recovery Series A	2037	4,201,120.00		11.94
3.	Storm Recovery Series A	2041	2,751,794.87		14.00


vi.	Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date						$	—
1.	Storm Recovery Series A	2028	$	—	$	—
2.	Storm Recovery Series A	2037	—		—
3.	Storm Recovery Series A	2041	—		—


vii.	Semi-Annual Principal						$	17,108,196.00
1.	Storm Recovery Series A	2028	$	17,108,196.00	$	99.57
2.	Storm Recovery Series A	2037	—		—
3.	Storm Recovery Series A	2041	—		—


viii.	Other unpaid Operating Expenses						$	—
ix.	Funding of Capital Subaccount (to required level)						1,985,809.26
x.	Capital Subaccount Return to Duke Energy Progress						54,297.00
xi.	Deposits to Excess Funds Subaccount						1,182,719.55
xii.	Released to Issuer upon Retirement of all Series Bonds						—
xiii.	Aggregate Remittances as of Current Payment Date						$	28,778,633.58

Exhibit 99.1

5. Outstanding Amount and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such Payment Date):


i.	Storm Recovery Series A	2028	$	154,720,955.00
ii.	Storm Recovery Series A	2037	352,000,000.00
iii.	Storm Recovery Series A	2041	196,627,000.00
iv.	Aggregate Outstanding Amount of all Series A Bonds		$	703,347,955.00
v.	Excess Funds Subaccount Balance		1,182,719.55
vi.	Capital Subaccount Balances		3,848,135.00
vii.	Aggregate Collection Account Balance		$	5,030,854.55

6. Subaccount Withdrawals as of Current Payment Date (if applicable, pursuant to Section 8.02(e) of Indenture):

Excess Funds Subaccount

—

ii.

Capital Subaccount

—

iii.

Total Withdrawals

—

7. Shortfalls in Interest and Principal Payments as of Current Payment Date:


i.	Semi-annual Interest
	Storm Recovery Series A	2028	$	—
	Storm Recovery Series A	2037	—
	Storm Recovery Series A	2041	—
	Total		$	—
ii.	Semi-annual Principal
	Storm Recovery Series A	2028	$	—
	Storm Recovery Series A	2037	—
	Storm Recovery Series A	2041	—
	Total		$	—

8. Shortfalls in Payment of Return on Invested Capital as of Current Payment Date:


i.			Return on Invested Capital			$	—

9. Shortfalls in Required Subaccount Levels as of Current Payment Date:


i.			Capital Subaccount			$	—

Exhibit 99.1

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semi-Annual Servicer’s Certificate.


Date:	December 21, 2023	DUKE ENERGY PROGRESS, LLC.
		as Servicer


	By:	/s/ Nicholas G. Speros
		Nicholas G. Speros
		Director of Accounting