0001326160false0000030371falseAugust 28, 20238-K☐☐☐☐☐00013261602023-08-282023-08-280001326160duk:DukeEnergyCarolinasMember2023-08-282023-08-280001326160us-gaap:CommonStockMember2023-08-282023-08-280001326160duk:JuniorSubordinatedDebentures5.625CouponDueSeptember2078Member2023-08-282023-08-280001326160duk:DepositaryShareMember2023-08-282023-08-280001326160duk:A310SeniorNotesDue2028Member2023-08-282023-08-280001326160duk:A385SeniorNotesDue2034Member2023-08-282023-08-28

Date of Report (Date of earliest event reported): August 28, 2023

(a Delaware corporation)

550 South Tryon Street

704-382-3853

(a North Carolina limited liability company)

526 South Church Street

704-382-3853

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:

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Registrant

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Duke Energy

Common Stock, $0.001 par value

DUK

New York Stock Exchange LLC

Duke Energy

5.625% Junior Subordinated Debentures due September 15, 2078

DUKB

New York Stock Exchange LLC

Duke Energy

Depositary Shares

DUK PR A

New York Stock Exchange LLC

each representing a 1/1,000th interest in a share of 5.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share

Duke Energy

3.10% Senior Notes due 2028

DUK 28A

New York Stock Exchange LLC

Duke Energy

3.85% Senior Notes due 2034

DUK34

New York Stock Exchange LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o On August 28, 2023, Duke Energy Carolinas, LLC (“DEC”) reached a partial settlement (the “Second Stipulation”) with the Public Staff – North Carolina Utilities Commission (the “Public Staff”) in connection with DEC’s base rate case filed with the North Carolina Utilities Commission (the “NCUC”) on January 19, 2023.

The Second Stipulation addresses additional items not included in the August 22, 2023, partial settlement with the Public Staff (the “Initial Stipulation,” together with the Second Stipulation, “the Stipulations”).

The Second Stipulation includes, among other things, the future treatment of nuclear production tax credits (“Nuclear PTCs”) related to the Inflation Reduction Act (“IRA”). A standalone rider will provide the benefits of IRA Nuclear PTCs to customers, net of transaction costs and discounts, beginning January 1, 2025. The first two years of the rider will flow back the following amounts to DEC NC retail customers: $50 million in 2025 and $100 million in 2026. The amounts to be flowed back during 2025 and 2026 may be adjusted, if approved by the NCUC, under certain conditions if DEC is unable to monetize those amounts. Thereafter, Nuclear PTCs will be tracked on an annual basis and flowed back to customers through the rider with a four-year amortization for each annual amount.

The Stipulations do not include an agreement on return on equity, capitalization structure, or recovery of deferred costs resulting from the COVID-19 pandemic. The Stipulations are subject to the review and approval of the NCUC. An evidentiary hearing to review the Stipulations and remaining issues in the case began on August 28, 2023.

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.