10-D

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

Issuance to February 28, 2017

Commission File Number	Registrant; State of Incorporation; Address; and Telephone Number	IRS Employer Identification No.
333-209196-01	DUKE ENERGY FLORIDA PROJECT FINANCE, LLC	81-0977581
	(Delaware)
	299 First Avenue North, St. Petersburg, Florida 33701
	704-382-3853
1-03274	DUKE ENERGY FLORIDA, LLC	59-0247770
	(Depositor and Sponsor)
	(Florida)
	299 First Avenue North, St. Petersburg, Florida 33701
	704-382-3853

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 2018 Senior Secured Bonds	o	o	þ
Series A 2021 Senior Secured Bonds	o	o	þ
Series A 2026 Senior Secured Bonds	o	o	þ
Series A 2032 Senior Secured Bonds	o	o	þ
Series A 2035 Senior Secured Bonds	o	o	þ

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 February 28, 2017.

Introductory and explanatory information regarding the material terms, parties, and distributions described in Exhibit 99.1 is included in the Prospectus dated June 15, 2016, of Duke Energy Florida Project Finance, 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 June 17, 2016.

As indicated in Exhibit 99.1, all required interest and scheduled principal payments on the Bonds have been made with respect to the March 1, 2017, 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.

On February 22, 2016, a lawsuit was filed in the U.S. District Court for the Southern District of Florida on behalf of a putative class of Duke Energy Florida's and Florida Power & Light Company’s (FP&L) customers in Florida. The suit alleges the State of Florida’s nuclear power plant cost recovery statutes (NCRS) are unconstitutional and pre-empted by federal law. Plaintiffs claim they are entitled to repayment of all money paid by customers of Duke Energy Florida and FP&L as a result of the NCRS, as well as an injunction against any future charges under those statutes. The constitutionality of the NCRS has been challenged unsuccessfully in a number of prior cases on alternative grounds. Duke Energy Florida and FP&L filed motions to dismiss the complaint on May 5, 2016. On September 21, 2016, the Court granted the motions to dismiss with prejudice. Plaintiffs filed a motion for reconsideration, which was denied. On January 4, 2017, plaintiffs filed a notice of appeal. Duke Energy Florida cannot predict the outcome of this appeal. Even if all of the plaintiffs' requests for relief in this lawsuit are granted, there would be no impact on nuclear asset-recovery charges imposed by Duke Energy Florida or on the bonds.

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.

(a) and (b) See Exhibit Index included as the last part of this report, which is incorporated herein by reference.

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:	March 15, 2017	DUKE ENERGY FLORIDA PROJECT FINANCE, LLC
		(Issuing Entity)
		By: Duke Energy Florida, LLC, as Servicer
	By:	/s/ William E. Currens Jr.
		William E. Currens Jr.
		Senior Vice President, Chief Accounting Officer and Controller

EXHIBIT INDEX

Exhibits filed herewithin 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 Florida Project Finance, LLC (filed with the Registration Statement on Form SF-1 of Duke Energy Florida, LLC (File No. 333-209196) on January 29, 2016)
3.2	Amended and Restated Limited Liability Company Agreement of Duke Energy Project Finance, LLC dated and effective as of June 10, 2016 (Form 8-K filed June 17, 2016)
4.1	Indenture, dated as of June 22, 2016, by and between Duke Energy Florida Project Finance, LLC and The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee and Securities Intermediary (Form 8-K filed June 17, 2016)
10.1	Nuclear Asset-Recovery Property Servicing Agreement, dated as of June 22, 2016, by and between Duke Energy Florida Project Finance, LLC and Duke Energy Florida, LLC (Form 8-K filed June 22, 2016)
10.2	Nuclear Asset-Recovery Property Purchase and Sale Agreement, dated as of June 22, 2016, by and between Duke Energy Florida Project Finance, LLC and Duke Energy Florida, LLC (Form 8-K filed June 22, 2016)
10.3	Administration Agreement, dated as of June 22, 2016, by and between Duke Energy Florida Project Finance, LLC and Duke Energy Florida, LLC (Form 8-K filed June 22, 2016)
*99.1	Semi-annual Servicer’s Certificate relating to the Bonds, dated February 21, 2017

EX-99.1

Exhibit 99.1

SEMI-ANNUAL SERVICER’S CERTIFICATE

Pursuant to Section 4.01(c)(ii) of the Nuclear Asset-Recovery Property Servicing Agreement, dated as of June 22, 2016 (Servicing Agreement), by and between DUKEENERGY FLORIDA, LLC, as servicer (Servicer), and Duke Energy Florida Project Finance, LLC, the Servicer does hereby certify, for the March 1, 2017, 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: Issuance to February 28, 2017

Payment Date: March 1, 2017

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

i.	Remittances for the	July 2016	Collection Period	$	1,897,418
ii.	Remittances for the	August 2016	Collection Period	10,102,941
iii.	Remittances for the	September 2016	Collection Period	10,349,761
iv..	Remittances for the	October 2016	Collection Period	8,243,612
v.	Remittances for the	November 2016	Collection Period	9,792,938
vi.	Remittances for the	December 2016	Collection Period	5,798,933
vii.	Remittances for the	January 2017	Collection Period	6,675,298
viii.	Remittances for the	February 2017	Collection Period	6,633,092
ix.	Investment Earnings on Capital Subaccount			8,457
x.	Investment Earnings on Excess Funds Subaccount			—
xi.	Investment Earnings on General Subaccount			49,505
xii.	General Subaccount Balance (sum of i through xi above)			$	59,551,955
xiii.	Excess Funds Subaccount Balance as of prior Payment Date			—
xiv.	Capital Subaccount Balance as of prior Payment Date			6,471,450
xv.	Collection Account Balance (sum of xii through xiv above)			$	66,023,405

2.     Outstanding Amounts of as of prior Payment Date:

i.	Series A	2018	Outstanding Amount	$	183,000,000
ii.	Series A	2021	Outstanding Amount	150,000,000
iii.	Series A	2026	Outstanding Amount	436,000,000
iv.	Series A	2032	Outstanding Amount	250,000,000
v.	Series A	2035	Outstanding Amount	275,290,000
vi.	Aggregate Outstanding Amount of all Series A Bonds			$	1,294,290,000

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

	Principal		Principal Due
i.	Series A	2018	$	35,700,000
ii.	Series A	2021	—
iii.	Series A	2026	—
iv.	Series A	2032	—
v.	Series A	2035	—
vi.	All Series A Bonds		$	35,700,000

Exhibit 99.1

	Interest
	WAL		Interest Rate		Days in Interest Period	Principal Balance		Interest Due
v.	Series A	2018	1.196	%	249	$	183,000,000	$	1,513,837
vi.	Series A	2021	1.731	%	249	150,000,000		1,795,913
vii.	Series A	2026	2.538	%	249	436,000,000		7,653,762
viii.	Series A	2032	2.858	%	249	250,000,000		4,941,958
ix.	Series A	2035	3.112	%	249	275,290,000		5,925,525
x.	All Series A Bonds							$	21,830,995
						Required Level		Funding Required
xi.	Capital Account					$	6,471,450.00	$	—

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

i.	Trustee Fees and Expenses; Indemnity Amounts						$	—
ii.	Servicing Fee						447,609
iii.	Administration Fee						34,583
iv.	Operating Expenses						40,958
Series A Bonds			Aggregate		Per $1,000 of Original Principal Amount
v.	Semi-Annual Interest (including any past-due for prior periods)						$	21,830,995
1.	Series A	2018	$	1,513,837	$	8.27
2.	Series A	2021	1,795,913		11.97
3.	Series A	2026	7,653,762		17.55
4.	Series A	2032	4,941,958		19.77
5.	Series A	2035	5,925,525		21.52
vi.	Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date						$	—
1.	Series A	2018	$	—	$	—
2.	Series A	2021	—		—
3.	Series A	2026	—		—
4.	Series A	2032	—		—
5.	Series A	2035	—		—
vii.	Semi-Annual Principal						$	35,700,000
1.	Series A	2018	$	35,700,000	$	195.08
2.	Series A	2021	—
3.	Series A	2026	—
4.	Series A	2032	—
5.	Series A	2035	—
viii.	Other unpaid Operating Expenses						$	—
ix.	Funding of Capital Subaccount (to required level)						—
x.	Capital Subaccount Return to Duke Energy Florida						139,296
xi.	Deposit to Excess Funds Subaccount						1,358,514
xii.	Released to Issuer upon Retirement of all Series Bonds						—
xiii.	Aggregate Remittances as of Current Payment Date						$	59,551,955

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.	Series A	2018	$	147,300,000
ii.	Series A	2021	150,000,000
iii.	Series A	2026	436,000,000
iv.	Series A	2032	250,000,000
v.	Series A	2035	275,290,000
vi.	Aggregate Outstanding Amount of all Series A Bonds		$	1,258,590,000
vii.	Excess Funds Subaccount Balance		1,358,513
viii.	Capital Subaccount Balances		6,471,450
ix.	Aggregate Collection Account Balance		$	7,829,963

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

i.	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
	Series A	2018	$	—
	Series A	2021	—
	Series A	2026	—
	Series A	2032	—
	Series A	2035	—
	Total		$	—
ii.	Semi-annual Principal
	Series A	2018	$	—
	Series A	2021	—
	Series A	2026	—
	Series A	2032	—
	Series A	2035	—
	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:	February 21, 2017	DUKE ENERGY FLORIDA, LLC,
		as Servicer
	By:	/s/ David Doss
		David Doss
		Director, Electric Utilities and Infrastructure