[8-K] Duke Energy CORP Reports Material Event
Duke Energy Carolinas reached a partial settlement in its South Carolina base rate case with the Office of Regulatory Staff and other parties, subject to review and approval by the PSCSC. The agreement sets a return on equity of 9.99% with a capital structure of 53% equity/47% debt, yielding an overall rate of return of 7.4%. It reflects a South Carolina retail rate base of $7.9 billion and provides for nuclear and other production tax credits to flow back to customers.
Key elements supported in the case include an annual storm reserve funding increase to $10 million and an annual pension cost rider. An evidentiary hearing to consider the settlement and remaining issues is scheduled to commence on November 13, 2025.
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Insights
Partial SC rate-case settlement sets 9.99% ROE; approval pending.
The settlement for Duke Energy Carolinas outlines a
Operational provisions include support for an annual storm reserve funding increase to
The agreement is subject to PSCSC approval, with an evidentiary hearing scheduled to begin on
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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IRS Employer Identification No. |
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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 | |||
| Duke Energy | |||
| Duke Energy | 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 | |||
| Duke Energy | |||
| Duke Energy |
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 Disclosure.
On November 11, 2025, Duke Energy Carolinas, LLC (“DEC”) 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 July 1, 2025, and DEC 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 November 12, 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 7.4%, (ii) a South Carolina retail rate base of $7.9 billion, and (iii) agreement for nuclear and other production tax credit flow back to customers. Key provisions in the case also include (i) support for DEC’s proposed annual storm reserve funding increase to $10 million, and (ii) support for DEC’s proposed annual 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 is currently scheduled to commence on November 13, 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.
| 99.1 | Duke Energy Carolinas, LLC Fact Sheet Regarding 2025 Partial Rate Case Settlement. | |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document). |
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: November 12, 2025 | By: | /s/ David S. Maltz |
| Name: | David S. Maltz | |
| Title: | Vice President, Legal, Chief Governance Officer and Corporate Secretary | |
| DUKE ENERGY CAROLINAS, LLC | ||
| Date: November 12, 2025 | By: | /s/ David S. Maltz |
| Name: | David S. Maltz | |
| Title: | Vice President, Legal, Chief Governance Officer and Corporate Secretary | |
FAQ
What did DUK disclose in this 8-K about its South Carolina rate case?
Is the Duke Energy Carolinas settlement final?
What customer-related items are included for DUK in the settlement?
What cost recovery mechanisms are supported in the settlement for DUK?
What are the key financial parameters for DUK in the settlement?
