Duke Energy Progress: 9.99% ROE, $2.2B rate base in SC deal

Duke Energy Progress reached a partial settlement with South Carolina’s regulatory staff in its base rate case.

Accepted by SEC EDGAR 10/29/2025 - 06:15 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Duke Energy Progress reached a partial settlement with South Carolina’s regulatory staff in its base rate case. The agreement outlines a return on equity of 9.99% using a capital structure of 53% equity and 47% debt, producing an overall rate of return of 7.2%. It also sets a South Carolina retail rate base of $2.2 billion and provides for nuclear and other production tax credit flow backs to customers.

Key provisions include support for an annual reserve funding increase to $6 million and support for a pension cost rider. The settlement remains subject to review and approval by the Public Service Commission of South Carolina, and the evidentiary hearing began on October 29, 2025.

Insights

Regulated utilities analyst

Partial SC rate case deal sets ROE 9.99% and $2.2B base.

The settlement specifies a 9.99% ROE, a 53%/47% equity-to-debt capital structure, and an overall allowed return of 7.2%. It anchors revenue needs to a South Carolina retail rate base of $2.2 billion, which frames cost recovery for Duke Energy Progress’s assets.

Customer credits via nuclear and other PTC flow backs are included, alongside support for an annual reserve funding increase to $6 million and a pension cost rider. Actual bill and earnings effects hinge on final approval and any adjustments by the PSCSC.

An evidentiary hearing commenced on October 29, 2025. Final outcomes depend on the commission’s order; the disclosed figures represent agreed parameters pending that decision.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did DUK’s Duke Energy Progress agree to in South Carolina?

A partial settlement proposing a 9.99% return on equity, a 53%/47% equity-debt mix, a 7.2% overall return, and a $2.2 billion retail rate base.

Is the Duke Energy Progress settlement final?

No. It remains subject to review and approval by the Public Service Commission of South Carolina.

What customer impacts are included for DUK’s South Carolina operations?

The agreement includes nuclear and other production tax credit flow backs to customers.

What additional provisions are part of the settlement for DUK?

Support for an annual reserve funding increase to $6 million and support for a pension cost rider.

When did proceedings on the settlement begin?

An evidentiary hearing to review the settlement and remaining issues commenced on October 29, 2025.

What capital structure underpins the proposed ROE for DUK’s DEP?

A capital structure of 53% equity and 47% debt.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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: October 27, 2025

(Date of earliest event reported)

Commission file number	Registrant, State of Incorporation or Organization, Address of Principal Executive Offices and Telephone Number	IRS Employer Identification Number
1-32853	DUKE ENERGY CORPORATION (a Delaware corporation) 525 South Tryon Street Charlotte, North Carolina 28202 800-488-3853	20-2777218
1-3382	DUKE ENERGY PROGRESS, LLC (a North Carolina limited liability company) 411 Fayetteville Street Raleigh, North Carolina 27601 800-488-3853	56-0165465

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 (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting Material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 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	DUK PR A	New York Stock Exchange LLC
Duke Energy	3.10% Senior Notes due 2028	DUK 28A	New York Stock Exchange LLC
Duke Energy	3.85% Senior Notes due 2034	DUK 34	New York Stock Exchange LLC
Duke Energy	3.75% Senior Notes due 2031	DUK 31A	New York Stock Exchange LLC
	None

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. ¨

Item 7.01. Regulation FD  

On October 27, 2025, Duke Energy Progress, LLC (“DEP”) and the Office of Regulatory Staff (“ORS”), as well as other intervening parties, reached a partial settlement in connection with the base rate proceeding filed with the Public Service Commission of South Carolina (“PSCSC”) on June 12, 2025. DEP and ORS filed with the PSCSC an Agreement and Stipulation of Partial Settlement Regarding Revenue Requirement and Related Issues (the “Stipulation”). Testimony consistent with the Stipulation was filed on October 27 and 28, 2025. The Stipulation includes, among other things, (i) a return on equity of 9.99% based on a capital structure of 53% equity and 47% debt and an overall rate of return of 7.2%, (ii) a South Carolina retail rate base of $2.2 billion, and (iii) agreement for nuclear and other production tax credit (“PTC”) flow back to customers. Key provisions in the case also include (i) support for DEP’s proposed annual reserve funding increase to $6 million, and (ii) support for DEP’s proposed pension cost rider.

The Stipulation is subject to the review and approval of the PSCSC. An evidentiary hearing to review the Stipulation and remaining issues in the case commenced on October 29, 2025. An overview providing additional detail on the Stipulation is attached to this Form 8-K as Exhibit 99.1. The information in Exhibit 99.1 is being furnished pursuant to this Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.		Description
99.1		Duke Energy Progress, LLC Fact Sheet
104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

	DUKE ENERGY CORPORATION
	By:	/s/ DAVID S. MALTZ
		David S. Maltz
		Title: Vice President, Legal, Chief Governance Officer and Corporate Secretary
Dated: October 30, 2025
	DUKE ENERGY PROGRESS, LLC
	By:	/s/ DAVID S. MALTZ
		David S. Maltz
Dated: October 30, 2025		Title: Vice President, Legal, Chief Governance Officer and Corporate Secretary

Co-Registrant CIK	0000017797
Co-Registrant Amendment Flag	false
Co-Registrant Form Type	8-K
Co-Registrant DocumentPeriodEndDate	2025-10-27
Co-Registrant Written Communications	false
Co-Registrant Solicitating Materials	false
Co-Registrant PreCommencement Tender Offer	false
Co-Registrant PreCommencement Issuer Tender Offer	false
Co-Registrant Emerging Growth Company	false