0001104659-11-037518.txt : 20110701 0001104659-11-037518.hdr.sgml : 20110701 20110701111428 ACCESSION NUMBER: 0001104659-11-037518 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110701 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110701 DATE AS OF CHANGE: 20110701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Duke Energy Carolinas, LLC CENTRAL INDEX KEY: 0000030371 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 560205520 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04928 FILM NUMBER: 11944908 BUSINESS ADDRESS: STREET 1: 526 SOUTH CHURCH STREET STREET 2: EC03T CITY: CHARLOTTE STATE: NC ZIP: 28202 BUSINESS PHONE: 704-594-6200 MAIL ADDRESS: STREET 1: 526 SOUTH CHURCH STREET STREET 2: EC03T CITY: CHARLOTTE STATE: NC ZIP: 28202 FORMER COMPANY: FORMER CONFORMED NAME: Duke Power CO LLC DATE OF NAME CHANGE: 20060403 FORMER COMPANY: FORMER CONFORMED NAME: DUKE ENERGY CORP DATE OF NAME CHANGE: 19970618 FORMER COMPANY: FORMER CONFORMED NAME: DUKE POWER CO /NC/ DATE OF NAME CHANGE: 19920703 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: 11944907 BUSINESS ADDRESS: STREET 1: 526 SOUTH CHURCH STREET STREET 2: EC03T CITY: CHARLOTTE STATE: NC ZIP: 28202 BUSINESS PHONE: 704-594-6200 MAIL ADDRESS: STREET 1: 526 SOUTH CHURCH STREET STREET 2: EC03T 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 a11-16154_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): July 1, 2011

 

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.)

 

526 South Church Street, Charlotte, North Carolina  28202-1904

(Address of Principal Executive Offices, including Zip code)

 

(704) 594-6200

(Registrant’s telephone number, including area code)

 

DUKE ENERGY CAROLINAS, LLC

 (Exact Name of Registrant as Specified in its Charter)

 

North Carolina

 

001-04928

 

56-0205520

(State or Other Jurisdiction
of Incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification No.)

 

526 South Church Street, Charlotte, North Carolina  28202-1904

(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 8.01.   Other Events.

 

On July 1, 2011, Duke Energy Carolinas, LLC (“Duke Energy Carolinas”) filed a rate case with the North Carolina Utilities Commission (the “NCUC”) to request an average 15 percent increase in retail revenues, or approximately $646 million, with an overall rate of return of 8.64%.  If approved by the NCUC, rates would likely go into effect in February 2012.

 

An overview providing additional detail on the filing is attached to this Form 8-K as Exhibit 99.1.

 

Item 9.01.   Financial Statements and Exhibits.

 

(d)          Exhibits.

 

99.1                           Duke Energy Carolinas Summary of 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: July 1, 2011

By:

/s/ Marc E. Manly

 

Name:

Marc E. Manly

 

Title:

Group Executive, Chief Legal Officer
and Corporate Secretary

 

 

 

 

 

 

 

DUKE ENERGY CAROLINAS, LLC

 

 

 

 

 

 

Date: July 1, 2011

By:

/s/ Marc E. Manly

 

Name:

Marc E. Manly

 

Title:

Group Executive and Chief Legal Officer

 

3


 

EXHIBIT INDEX

 

Exhibit

 

Description

 

 

 

99.1

 

Duke Energy Carolinas Summary of Rate Case Filing in North Carolina

 

4

 EX-99.1 2 a11-16154_1ex99d1.htm EX-99.1

Exhibit 99.1

 

Duke Energy Carolinas

Summary of Rate Case Filing in North Carolina

Docket E-7, Sub 989

 

Major Components of Filing

 

·                  On July 1, 2011, Duke Energy Carolinas filed a rate case with the North Carolina Utilities Commission (NCUC) to request an average 15 percent increase in retail revenues, or approximately $646 million:

 

·                  The rate case filing requests an overall rate of return of 8.64% based on approval of an 11.5% return on equity and a 53% equity component of the capital structure

 

·                  The filing is based on a North Carolina retail rate base of $11.2 billion as of December 31, 2010 and adjusted for known and measurable changes (hearings are expected to commence in November 2011)

 

·                  This rate increase request is driven by:

 

Drivers

 

Revenue
Requirement

 

% of Total
Request

Capital investments of $4.8 billion* for plant modernization, environmental compliance and other capital additions (see additional information below)

 

~$480 million

 

~74%

Effects of the continued weak economy, which have resulted in lower weather-normalized sales volumes and lower Bulk Power Marketing (BPM) profits than the level currently included in base rates

 

~$68 million

 

~11%

Changes in financing and other general costs, including the request to increase the allowed return on equity from 10.7% to 11.5%

 

~$98 million

 

~15%

 

·                  Capital investments of $4.8 billion* since the 2009 rate case, including pro-forma adjustments to reflect known and measurable changes include:

 

·                  Cliffside 5 Scrubber - $565 million

 

·                  Cliffside Unit 6 Construction Work in Progress - $640 million incremental investment compared to approximately $1 billion already included in base rates

 

·                  Buck Combined Cycle Project - $700 million

 

·                  Bridgewater Powerhouse Replacement - $180 million

 

·                  Oconee Nuclear Upgrades - $135 million

 

·                  Transmission and Distribution - $1 billion

 

·                  Nuclear Fuel - $210 million

 

·                  Capital maintenance and other general projects - $1.4 billion

 

·                  If approved by the NCUC, rates would likely go in effect in February 2012

 

* Represents DE Carolinas in total; NC allocable portion is ~70%

 

7/1/2011