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Duke Energy Corp, et al. – ‘8-K’ for 1/14/21

On:  Friday, 1/15/21, at 7:30am ET   ·   For:  1/14/21   ·   Accession #:  1104659-21-4438   ·   File #s:  1-03274, 1-32853

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/15/21  Duke Energy Corp                  8-K:8,9     1/14/21   12:336K                                   Toppan Merrill/FA
          Duke Energy Florida, LLC.

Current Report   —   Form 8-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     55K 
 2: EX-99.1     Miscellaneous Exhibit                               HTML     18K 
 8: R1          Cover                                               HTML     63K 
10: XML         IDEA XML File -- Filing Summary                      XML     13K 
 7: XML         XBRL Instance -- tm213132d1_8k_htm                   XML     32K 
 9: EXCEL       IDEA Workbook of Financial Reports                  XLSX      6K 
 4: EX-101.DEF  XBRL Definitions -- duk-20210114_def                 XML     77K 
 5: EX-101.LAB  XBRL Labels -- duk-20210114_lab                      XML    110K 
 6: EX-101.PRE  XBRL Presentations -- duk-20210114_pre               XML     74K 
 3: EX-101.SCH  XBRL Schema -- duk-20210114                          XSD     16K 
11: JSON        XBRL Instance as JSON Data -- MetaLinks               28±    37K 
12: ZIP         XBRL Zipped Folder -- 0001104659-21-004438-xbrl      Zip     31K 

‘8-K’   —   Current Report

This is an HTML Document rendered as filed.  [ Alternative Formats ]

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Washington, D.C. 20549




FORM  i 8-K



Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934




Date of Report (Date of earliest event reported):  i January 14, 2021


Commission file
Registrant, State of Incorporation or Organization,
Address of Principal Executive Offices, and Telephone Number
IRS Employer
Identification No.
 i 1-32853


(a  i Delaware corporation)

 i 550 South Tryon Street

 i Charlotte,  i North Carolina  i 28202-1803

 i 704- i 382-3853


 i 20-2777218

 i 1-3274


(a  i Florida limited liability company)

 i 299 First Avenue North

 i St. Petersburg,  i Florida  i 33701

 i 704- i 382-3853

 i 59-0247770 



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:


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


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


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


 i ¨            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240. 13e-4(c))




Title of each class Trading
Name of each exchange on which registered
 i Common stock, $0.001 par value  i DUK  i New York Stock Exchange LLC
 i 5.125% Junior Subordinated Debentures due January 15, 2073  i DUKH  i New York Stock Exchange LLC
 i 5.625% Junior Subordinated Debentures due September 15, 2078  i DUKB  i New York Stock Exchange LLC
 i 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  i DUK PR A  i 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  i ¨


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. ¨




Co-Registrant CIK 0000030371
Co-Registrant Amendment Flag false
Co-Registrant Form Type 8-K
Co-Registrant DocumentPeriodEndDate 2021-01-14
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






Item 8.01.Other Events.


On January 14, 2021, Duke Energy Florida, LLC (“DEF”) filed a Settlement Agreement (the “Settlement”) with the Florida Public Service Commission (“FPSC”). The parties to the Settlement include DEF, the Office of Public Counsel, the Florida Industrial Power Users Group, White Springs Agricultural Chemicals, Inc. d/b/a PCS Phosphate, and NUCOR Steel Florida, Inc. (collectively, the “Parties.”)


Pursuant to the Settlement, the Parties agreed to a base rate stay-out provision that expires year-end 2024; however, DEF is allowed an increase to its base rates of an incremental $67 million in 2022, $49 million in 2023 and $79 million in 2024, subject to adjustment in the event of tax reform durings the years 2021, 2022 or 2023. The Parties also agreed to a return on equity (“ROE”) band of 8.85% to 10.85% with a midpoint of 9.85% based on a capital structure of 53% equity and 47% debt. The ROE band can be increased by 25 basis points if the average 30-year US Treasury rate increases 50 basis points or more over a six-month period, in which case the midpoint ROE would rise from 9.85% to 10.10%. DEF will retain the Department of Energy award of $173 million for spent nuclear fuel, which is expected to be received in 2022, in order to mitigate customer rates over the term of the Settlement. In return, DEF will be able to recognize the $173 million into earnings from 2022 through 2024.


In addition to these terms, the Settlement contains provisions related to the accelerated depreciation of Crystal River North coal-fired power plants, the approval of approximately $1 billion future investments in new cost effective solar power, the implementation of a new Electric Vehicle Charging Station Program, and the deferral and recovery of costs in connection with the implementation of DEF’s Vision Florida program, which explores various emerging non-carbon emitting generation technology, distributed technologies and resiliency projects, among other things. An overview providing additional detail on the terms of the Settlement is attached to this Form 8-K as Exhibit 99.1.


The Settlement is subject to the review and approval of the FPSC, which is expected in the second quarter of 2021. Upon approval by the FPSC, the new rates will be effective January 1, 2022, with subsequent base rate increases effective January 1, 2023, and January 1, 2024.


Item 9.01.Financial Statements and Exhibits.


  (d) Exhibits.


99.1Duke Energy Florida 2021 Settlement Agreement Summary


104Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document). 



 C: 2





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.


Date:  January 15, 2021 By: /s/ David S. Maltz
    Name:  David S. Maltz
    Title:   Vice President, Legal, Chief Governance Officer and Assistant Corporate Secretary



Date:  January 15, 2021 By: /s/ David S. Maltz
    Name:  David S. Maltz
    Title:   Vice President, Legal, Chief Governance Officer and Assistant Corporate Secretary




Dates Referenced Herein

This ‘8-K’ Filing    Date    Other Filings
1/1/24None on these Dates
Filed on:1/15/21
For Period end:1/14/21
 List all Filings 
Filing Submission 0001104659-21-004438   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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