0001104659-13-007017.txt : 20130204 0001104659-13-007017.hdr.sgml : 20130204 20130204111915 ACCESSION NUMBER: 0001104659-13-007017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130204 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130204 DATE AS OF CHANGE: 20130204 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: 13568690 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: 13568689 BUSINESS ADDRESS: STREET 1: 550 SOUTH TRYON STREET STREET 2: DEC45 CITY: CHARLOTTE STATE: NC ZIP: 28202 BUSINESS PHONE: 704-382-3853 MAIL ADDRESS: STREET 1: 550 SOUTH TRYON STREET STREET 2: DEC45 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 a13-4224_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): February 4, 2013

 

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:

 

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 February 4, 2013, Duke Energy Carolinas, LLC (“Duke Energy Carolinas”) filed a rate case with the North Carolina Utilities Commission (the “NCUC”) to request an average 9.7% increase in retail revenues, or approximately $446 million, with an overall rate of return of approximately 8.45% based on approval of an 11.25% return on equity and a 53% equity component of the capital structure.  The request is premised upon a North Carolina rate base of $12.0 billion.  This rate increase is primarily driven by the incremental cost associated with Duke Energy Carolinas’ rate base, including capital investments associated with our modernization program and environmental compliance.

 

Hearings are expected to commence in July 2013 and, if approved by the NCUC, rates would likely go in effect in September 2013.

 

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: February 4, 2013

By:

/s/ Julia S. Janson

 

Name:

Julia S. Janson

 

Title:

Executive Vice President, Chief Legal Officer and Corporate Secretary

 

 

DUKE ENERGY CAROLINAS, LLC

 

 

 

 

 

 

Date: February 4, 2013

By:

/s/ Julia S. Janson

 

Name:

Julia S. Janson

 

Title:

Executive Vice President, Chief Legal Officer and Corporate Secretary

 

3


 

EXHIBIT INDEX

 

Exhibit

 

Description

 

 

 

99.1

 

Duke Energy Carolinas Summary of Rate Case Filing in North Carolina

 

4

 EX-99.1 2 a13-4224_1ex99d1.htm EX-99.1

Exhibit 99.1

 

Duke Energy Carolinas

Summary of Rate Case Filing in North Carolina

Docket E-7, Sub 1026

 

Major Components of Filing

 

·                  On February 4, 2013, Duke Energy Carolinas filed a rate case with the North Carolina Utilities Commission (NCUC) to request an average 9.7 percent increase in retail revenues, or approximately $446 million:

 

·                  The rate case filing requests an overall rate of return of ~8.45% based on approval of an 11.25% return on equity and a 53% equity component of the capital structure

·                  The filing is based on a North Carolina retail rate base of ~$12.0 billion as of June 30, 2012 and adjusted for known and measurable changes (hearings are expected to commence in July 2013)

 

·                  This rate increase request is driven by:

 

Drivers

 

Revenue
Requirement

 

% of Total
Request

 

Incremental cost associated with the Company’s rate base, including capital investments of $3.8 billion* for plant modernization, environmental compliance and other capital additions (see additional information below)

 

~$413 million

 

~93%

 

Net effect of various changes to costs including increases for a storm reserve, end of life nuclear reserves not covered by the decommissioning reserve, Fukushima and cyber security costs, and vegetation management costs offset by merger related savings

 

~$33 million

 

~7%

 

 

·                  Capital investments of ~$3.8 billion* since the 2011 rate case, including pro-forma adjustments to reflect known and measurable changes include:

 

·                  Cliffside Unit 6 - $863 million incremental investment compared to approximately $1 billion already included in base rates

·                  Dan River Combined Cycle Project - $673 million

·                  McGuire Capacity Uprates - $203 million

·                  Oconee Nuclear Upgrades - $448 million

·                  Transmission and Distribution - $722 million

·                  Other Generating Plant Investments - $590 million

·                  Other projects - $292 million

 

·                  If approved by the NCUC, rates would likely go in effect in September 2013

 

* Represents DE Carolinas in total, which is allocated ~70% NC, ~25% SC and ~5% wholesale