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 30, 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.)

550 South Tryon Street, Charlotte, North Carolina  28202-4200

(Address of Principal Executive Offices, including Zip code)

(704) 382-3853

(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  28202-4200

(Address of Principal Executive Offices, including Zip code)

(704) 382-3853

(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:

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 November 30, 2011, Duke Energy Carolinas, LLC (“Duke Energy Carolinas”) reached an agreement with the South Carolina Office of Regulatory Staff (the “ORS”) on the rate case previously filed with the Public Service Commission of South Carolina (“PSCSC”).  Pursuant to the agreement, Duke Energy Carolinas will receive an increase in base rates of approximately $90.7 million, or approximately $92.8 million upon confirmation by ORS that the Buck natural gas-fired power plant and Bridgewater hydroelectric station are both in service, with a return on equity of 10.5% and a 53% equity component.  Duke Energy Carolinas also agreed to forgo a general rate case filing in 2012 and 2013, with base rates being updated annually in 2013 and 2014 for certain capital spending.  The rate increase is expected to be effective in February 2012.  The settlement is subject to the review and approval of the PSCSC.

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.

99.1Duke Energy Carolinas Summary of Settlement Agreement with Office of Regulatory Staff (ORS) — South Carolina

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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: November 30, 2011	By:	/s/ Marc E. Manly
	Name:		Marc E. Manly
	Title:		Group Executive, Chief Legal Officer and Corporate Secretary
	DUKE ENERGY CAROLINAS, LLC
Date: November 30, 2011	By:	/s/ Marc E. Manly
	Name:		Marc E. Manly
	Title:		Group Executive and Chief Legal Officer

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EXHIBIT INDEX

Exhibit	Description
99.1	Duke Energy Carolinas Summary of Settlement Agreement with Office of Regulatory Staff (ORS) — South Carolina

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EX-99.1

Exhibit 99.1

Duke Energy Carolinas

Summary of Settlement Agreement with Office of Regulatory Staff (ORS) — South Carolina

Docket 2011-271-E

Background

·On August 5, 2011, Duke Energy Carolinas filed a rate case with the Public Service Commission of South Carolina (PSCSC) to request an average 15 percent increase in retail revenues, or approximately $216 million

·Based upon 11.5% return on equity (ROE) and a 53% equity component of the capital structure

·On November 14, 2011, ORS, who represents South Carolina consumers, recommended a rate increase of approximately $91 million

·Based upon 10.5% ROE and a 53% equity component of the capital structure

·On November 30, 2011, Duke Energy Carolinas reached agreement with the ORS (see details below)

Major Components of Settlement

·Annualized base rate increase of approximately $90.7 million, or approximately $92.8 million upon confirmation by ORS that the Buck natural gas-fired power plant and Bridgewater hydroelectric station are both in service (43% of requested $216 million total)

·Based upon allowed ROE of 10.5% and 53% equity component of the capital structure

·Duke Energy Carolinas agrees to forgo a general rate case filing in 2012 and 2013.  Earliest general rate case filing will be in 2014, using a 2013 test year with rates effective no sooner than February 2015

·In exchange for stay-out provision, base rates will be updated annually in 2013 and 2014 for certain capital spending, not to exceed a cumulative $80 million revenue requirement

·The Company will donate approximately $4 million to AdvanceSC, an economic development fund

·Changes BPM profit sharing from 50/50 (50% to AdvanceSC for economic development, low income assistance, education initiatives, and existing manufacturing support and 50% to the Company) to 90/10 (50% to AdvanceSC, 40% to customers, and 10% to the Company)

·Settlement subject to the review and approval by the PSCSC

·Hearing is scheduled to commence December 7, 2011

Estimated Rate Increase Impacts to Customer Bills:

($ in Millions)	2012			2013(1)			2014(1)
Annualized Increase to Base Rates	$	93		$	45		$	35
Cumulative Net Increase ($)	$	93		$	138		$	173
Cumulative Net Increase (%)	6.0		%	8.9		%	11.1		%

Note 1 — 2012 increase in base rates expected to be effective February 2012.  For 2013 and 2014, the base rate increase for capital spending is an estimate, subject to ORS audit and PSCSC approval and expected to be effective in February of each year.