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 23, 2013

Commission file  number	Registrant, State of Incorporation or rganization,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
1-04928	DUKE ENERGY CAROLINAS, LLC (a North Carolina limited liability company) 526 South Church Street Charlotte, North Carolina 28202-4200 704-382-3853	56-0205520

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 July 23, 2013, a Settlement Agreement was filed with the Public Service Commission of South Carolina (the “PSCSC”) detailing terms of a settlement reached by Duke Energy Carolinas, LLC (the “Company”), the South Carolina Office of Regulatory Staff, Wal-Mart, the South Carolina Energy Users Committee and the S.C. Small Business Chamber of Commerce, in connection with the rate case filed on March 18, 2013 by the Company.  The settlement is subject to the review and approval of the PSCSC.

An overview providing detail on the Settlement Agreement 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 South Carolina Rate Case Settlement Agreement

2

SIGNATURE

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 hereunto duly authorized.

	DUKE ENERGY CORPORATION
Date: July 23, 2013		By:	/s/ Julia S. Janson
		Executive Vice President, Chief Legal Officer and Corporate Secretary
	DUKE ENERGY CAROLINAS, LLC
Date: July 23, 2013		By:	/s/ Julia S. Janson
		Executive Vice President and Chief Legal Officer

3

EXHIBIT INDEX

Exhibit	Description
99.1	Duke Energy Carolinas Summary of South Carolina Rate Case Settlement Agreement

4

EX-99.1

Exhibit 99.1

Duke Energy Carolinas

Summary of South Carolina Rate Case Settlement Agreement

Docket 2013-59-E

Background

·On March 18, 2013, Duke Energy Carolinas (DEC) filed a rate case with the Public Service Commission of South Carolina (PSCSC) to request an average 15.1% increase in retail revenues, or approximately $220 million annually

·The filing was based on an 11.25% return on equity (ROE) and a 53% equity component of the capital structure

·The filing was based on a South Carolina retail rate base of approximately $4.3 billion as of June 30, 2012, and adjusted for known and measurable changes

·On July 23, 2013, DEC finalized an agreement with the South Carolina Office of Regulatory Staff (ORS), who represents consumers, as well as Wal-Mart, the South Carolina Energy Users Committee and the S.C. Small Business Chamber of Commerce (see details below)

Major Components of Settlement

·$119 million annual customer rate increase (an average increase of 8.2 percent) will be implemented over time

·Annual electric rates will increase by $80.4 million, or an average of 5.5 percent, for the first year (including the impact of the one-year ability to collect carrying costs for coal inventory of approximately $7 million)

·Annual rates will increase by an additional $38 million thereafter

·DEC will be allowed to reduce its cost of removal liability by $45 million for the first year

·Customer rate increase based upon ROE of 10.2%, a 53% equity component of the capital structure, and a South Carolina retail rate base of approximately $4.2 billion for the test year ended June 30, 2012 (adjusted from $4.3 billion previously, for known and measurable changes through April 30, 2013)

·DEC will make a one-time $3.5 million contribution to programs assisting public education initiatives and senior outreach, low-income customers, manufacturing competitiveness grants, economic development and/or education/workforce training

·DEC will not seek to implement new base rates in South Carolina prior to September 2015, absent situations such as incurring costs for new generation or except where necessary due to unforeseen extraordinary economic or financial conditions

·Settlement includes support for (1) DEC’s proposed nuclear levelization accounting, effective October 1, 2013, and (2) a new coal inventory rider allowing DEC to recover carrying costs on coal inventory levels in excess of a 40-day supply for one year from the effective date of rates in this case

·Settlement is subject to the review and approval by the PSCSC

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

·Evidentiary hearings are scheduled to commence July 31, 2013

July 23, 2013

Estimated Annual Rate Increase Impacts to Customer Bills

($ in millions)	Year 1			Year 2 and Beyond
Annualized base rates	$	119		$	119
One-year coal inventory rider	$	7		—
Temporary customer rate reduction (offset by cost of removal liability amortization - no earnings impact)	$	(45	)	—
Cumulative Net Annualized Customer Increase ($)	$	80		$	119
Cumulative Net Annualized Customer Increase (%)	5.5		%	8.2		%
One time contribution expense	$	(3.5	)	—

Reconciliation of Request

($ in millions)	Year 1			Year 2 and Beyond
Original request	$	220		$	220
One-year coal inventory rider	$	7		—
Temporary customer rate reduction (offset by cost of removal liability amortization - no earnings impact)	$	(45	)	—
Reduced ROE	$	(39	)	$	(39	)
Lower nuclear decommissioning expense(no earnings impact)	$	(6	)	$	(6	)
Agreement to not pursue end-of-life nuclear reserve(no earnings impact)	$	(6	)	$	(6	)
Other	$	(50	)	$	(50	)
Per Settlement Agreement	$	80		$	119

July 23, 2013