Duke Energy CORP

Regulatory Filings • Nov 12, 2025

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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): November 11, 2025

| Commission
file number | Registrant, State of Incorporation
or Organization, Address of Principal Executive Offices and Telephone Number | IRS Employer Identification No. |
| --- | --- | --- |
| | ● | |
| 1-32853 | DUKE ENERGY CORPORATION (a Delaware corporation) 525 South Tryon Street Charlotte , North Carolina 28202 800 - 488-3853 | 20-2777218 |
| 1-04928 | DUKE ENERGY CAROLINAS, LLC (a North Carolina limited liability company) 525 South Tryon Street Charlotte , North
Carolina 28202 800 - 488-3853 | 56-0205520 |

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 | 5.625% Junior Subordinated Debentures due September 15, 2078 | DUKB | New York Stock Exchange LLC |
| Duke Energy | Depositary
Shares each representing a 1/1,000 th interest in a share of 5.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share | DUK PR A | New York Stock Exchange LLC |
| Duke Energy | 3.10% Senior Notes due 2028 | DUK 28A | New York Stock Exchange LLC |
| Duke Energy | 3.85% Senior Notes due 2034 | DUK
34 | New York Stock Exchange LLC |
| Duke Energy | 3.75% Senior Notes due 2031 | DUK31A | 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 ¨

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. ¨

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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). |

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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.

| Date:
November 12, 2025 | DUKE
ENERGY CORPORATION — 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 |

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Co-Registrant CIK	0000030371
Co-Registrant Amendment Flag	false
Co-Registrant Form Type	8-K
Co-Registrant DocumentPeriodEndDate	2025-03-14
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

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