Duke Energy Carolinas and Progress file NC rate cases with PBR
Rhea-AI Filing Summary
Duke Energy reported that its subsidiaries Duke Energy Carolinas (DEC) and Duke Energy Progress (DEP) have filed electric rate cases with the North Carolina Utilities Commission seeking sizable retail revenue increases under Performance Based Regulation. For DEC, the requested net increase in retail revenues is approximately $727 million (a 10.9% rise) in year one and $275 million (4.1%) in year two, for a total 15.0% increase. For DEP, the requested net increase is approximately $528 million (10.9%) in year one and $200 million (4.1%) in year two, for a total 15.1% increase, net of a Production Tax Credit Rider that would return monetized tax credits to customers beginning in 2027. The companies are also seeking a two-year multi-year rate plan with residential decoupling, performance incentive mechanisms and an earnings sharing mechanism, with year one rates requested to be effective no later than January 1, 2027 and hearings expected to begin in the third quarter of 2026.
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Insights
Duke’s Carolina utilities seek ~15% multi‑year NC rate increases.
Duke Energy Carolinas and Duke Energy Progress are requesting multi-year rate hikes in North Carolina that would materially lift regulated revenues if approved. DEC is asking for about
The filings also seek Performance Based Regulation, including a two-year Multi-Year Rate Plan, residential decoupling, performance incentive mechanisms, and an earnings sharing mechanism. DEP’s requested revenues are stated net of a Production Tax Credit Rider that would begin flowing monetized credits back to customers in
The companies have asked for total year one rates to be effective no later than
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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Incorporation or Organization, Address of Principal Executive Offices and Telephone Number |
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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 20, 2025, Duke Energy Carolinas, LLC (“DEC”) and Duke Energy Progress, LLC (“DEP”, and together with DEC, the “Companies”) each filed rate cases with the North Carolina Utilities Commission (“NCUC”) seeking approval for increases in retail revenues. Both filings include requests for Performance Based Regulation mechanisms, featuring a two-year Multi-Year Rate Plan as well as residential decoupling, performance incentive mechanisms, and an earnings sharing mechanism.
If approved by the NCUC, for DEC, the net increase in retail revenues in year one would be approximately $727 million (10.9%), followed by $275 million (4.1%) in year two – a total 15.0% increase; and for DEP, the net increase in retail revenues in year one would be approximately $528 million (10.9%), followed by $200 million (4.1%) in year two – a total 15.1% increase. DEP’s revenue request is net of a proposed Production Tax Credit (“PTC”) Rider, which would flow back monetized PTCs to customers beginning in 2027. DEC already has an established PTC Rider in place.
The Companies have requested the NCUC approve the requested total Year 1 rates to be effective no later than January 1, 2027. Although a procedural schedule has not yet been established by the NCUC, hearings are expected to commence in third-quarter 2026.
An overview providing additional detail on the filings 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 and Duke Energy Progress, LLC Fact Sheet Regarding 2025 Multi-Year Rate Case Filing. |
| 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 20, 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 20, 2025 | By: | /s/ David S. Maltz |
| Name: | David S. Maltz | |
| Title: | Vice President, Legal, Chief Governance Officer and Corporate Secretary | |
| DUKE ENERGY PROGRESS, LLC | ||
| Date: November 20, 2025 | By: | /s/ David S. Maltz |
| Name: | David S. Maltz | |
| Title: | Vice President, Legal, Chief Governance Officer and Corporate Secretary | |
FAQ
What did Duke Energy (DUK) announce in this 8-K filing?
Duke Energy disclosed that its subsidiaries Duke Energy Carolinas and Duke Energy Progress each filed rate cases with the North Carolina Utilities Commission seeking retail revenue increases and approval of Performance Based Regulation mechanisms.
How much of a rate increase is Duke Energy Carolinas requesting in North Carolina?
Duke Energy Carolinas is seeking a net increase in retail revenues of approximately $727 million (10.9%) in year one and $275 million (4.1%) in year two, for a total 15.0% increase over the two-year plan.
What revenue increase is Duke Energy Progress requesting in its North Carolina rate case?
Duke Energy Progress is requesting a net increase in retail revenues of approximately $528 million (10.9%) in year one and $200 million (4.1%) in year two, for a total 15.1% increase, stated net of a proposed Production Tax Credit Rider.
What regulatory mechanisms is Duke Energy seeking with these rate cases?
The companies are seeking approval of Performance Based Regulation, including a two-year Multi-Year Rate Plan, residential decoupling, performance incentive mechanisms, and an earnings sharing mechanism.
When could the new Duke Energy rates in North Carolina take effect if approved?
The companies have requested that the North Carolina Utilities Commission approve total year one rates to be effective no later than January 1, 2027, with hearings expected to begin in the third quarter of 2026.
How will the Production Tax Credit Rider affect Duke Energy Progress customers?
For Duke Energy Progress, the revenue request is presented net of a proposed Production Tax Credit Rider, which would flow back monetized PTCs to customers beginning in 2027.
