Duke Energy Corporation (Holding Company) filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits
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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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 July 3, 2024, the Public Service Commission of South Carolina (the “PSCSC”) issued a written order (the “Order”) approving an increase in base rates, and approving nearly all components of a settlement agreement reached by Duke Energy Carolinas, LLC (“DEC”), the South Carolina Office of Regulatory Staff (the “ORS”) and other parties on May 17, 2024, which resolved all issues in DEC’s base rate case proceeding originally filed with the PSCSC on January 4, 2024.
The Order revised recovery of certain environmental compliance costs, the only provision of the settlement agreement not fully approved by the PSCSC. Revised customer rates will be effective August 1, 2024 and are based upon a South Carolina retail rate base of $7.4 billion and a return on equity of 9.94% and a capital structure of 51.21% equity and 48.79% debt. The Order will result in Duke Energy Corporation recognizing a one-time net pre-tax accounting charge of approximately $30 to 40 million, to be recognized in the second quarter of 2024.
An overview providing additional detail on the Order 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 2024 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: July 8, 2024 | By: | /s/ David S. Maltz |
| Name: | David S. Maltz | |
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Title: |
Vice President, Legal, Chief Governance Officer and Assistant Corporate Secretary | |
| DUKE ENERGY CAROLINAS, LLC | ||
| Date: July 8, 2024 | By: | /s/ David S. Maltz |
| Name: | David S. Maltz | |
|
Title: |
Vice President, Legal, Chief Governance Officer and Assistant Secretary | |