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 (Date of earliest event reported): June 29, 2020
| 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 | 20-2777218 | |
(a Delaware corporation)
550 South Tryon Street
Charlotte, North Carolina 28202-1803
704-382-3853
| 1-3543 | DUKE ENERGY INDIANA, LLC | 35-0594457 | |
(an Indiana limited liability company)
1000 East Main Street
Plainfield, Indiana 46168
704-382-3853
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:
| ☐ | 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 | 5.125% Junior Subordinated Debentures | DUKH | New York Stock Exchange LLC | |||
| due January 15, 2073 | ||||||
| Duke Energy | 5.625% Junior Subordinated Debentures | DUKB | New York Stock Exchange LLC | |||
| due September 15, 2078 | ||||||
| Duke Energy | Depositary Shares | DUK PR A | New York Stock Exchange LLC | |||
| 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 | ||||||
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. o
Item 8.01. Other Events.
On July 2, 2019, Duke Energy Indiana, LLC (“DEI”) filed a general rate case with the Indiana Utility Regulatory Commission (the “IURC”), which was adjusted on September 9, 2019, and December 4, 2019, for an ultimate request of an overall approximate 15.6% increase in retail revenues, or approximately $396 million, with an overall rate of return of approximately 6.0% based on approval of a 10.4% return on equity and a 53.0% equity component of the capital structure. The request was premised upon a DEI forecasted rate base of $10.2 billion as of December 31, 2020.
On June 29, 2020, the IURC issued an order (the “Order”) approving, among other things, a revenue increase of approximately $146 million for the total increase, before utility receipt taxes, predicated in part on a 9.70% return on equity and a 53.0% equity component of the capital structure. Step 1 rates are estimated to be approximately 75% of the total and become effective late July 2020, and Step 2 rates are estimated to be the remaining 25% of the total rate increase to be effective in the first quarter of 2021, trued up with carrying costs to January 2021. DEI will make a compliance filing with the IURC in July 2020 for their review and approval before Step 1 rates are implemented.
An overview providing additional detail on the filing is attached to this Form 8-K as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| 99.1 |
| 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 1, 2020 | By: /s/ David S. Maltz |
| David S. Maltz | |
| Assistant Secretary | |
| DUKE ENERGY INDIANA, LLC | |
| Date: July 1, 2020 | By: /s/ David S. Maltz |
| David S. Maltz | |
| Assistant Secretary | |