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DUKE ENERGY CORPORATION

(DUK)
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DUKE ENERGY CORP : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)

10/13/2021 | 03:12pm EST

Item 7.01. Regulation FD Disclosure.

On October 13, 2021, North Carolina Governor Roy Cooper signed into law legislation passed by the North Carolina House of Representatives and Senate (the "Legislation"). This Legislation establishes a framework overseen by the North Carolina Utilities Commission (the "NCUC") to advance state CO2 emissions reductions through the use of least cost planning while providing for continued reliability and affordable rates for customers served by such generation. It also authorizes the use of performance-based regulation in North Carolina. Among other things, the Legislation requires the NCUC to:



  · develop an initial carbon plan that would target a 70% reduction in CO2
    emissions from public utilities' electric generation by 2030 and carbon
    neutrality by 2050, considering all resource options and the latest
    technology;
  · consider approval of performance-based regulation that would include
    multi-year rate plans with a maximum 3-year term, performance incentive
    mechanisms to track utility performance, and revenue decoupling for the
    residential customer class;
  · establish rules to securitize costs associated with the early retirement of
    subcritical coal-fired electric generating facilities necessary to achieve the
    authorized carbon reduction goals at 50% of remaining net book value, with the
    remaining net book value recovered through normal cost of service basis; and
  · establish rules for updating rates and terms of certain existing solar power
    purchase agreements executed under PURPA.



An overview providing additional detail on the Legislation 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.



Forward Looking Statements


This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management's beliefs and assumptions and can often be identified by terms and phrases that include "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "guidance," "outlook" or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:

· The impact of the COVID-19 pandemic;

· State, federal and foreign legislative and regulatory initiatives, including

costs of compliance with existing and future environmental requirements,

including those related to climate change, as well as rulings that affect cost

and investment recovery or have an impact on rate structures or market prices;

· The extent and timing of costs and liabilities to comply with federal and state

laws, regulations and legal requirements related to coal ash remediation,

including amounts for required closure of certain ash impoundments, are

uncertain and difficult to estimate;

· The ability to recover eligible costs, including amounts associated with coal

ash impoundment retirement obligations and costs related to significant weather

events, and to earn an adequate return on investment through rate case

proceedings and the regulatory process;

· The costs of decommissioning nuclear facilities could prove to be more

extensive than amounts estimated and all costs may not be fully recoverable

through the regulatory process;

· Costs and effects of legal and administrative proceedings, settlements,

investigations and claims;

· Industrial, commercial and residential growth or decline in service territories

or customer bases resulting from sustained downturns of the economy and the

economic health of our service territories or variations in customer usage

patterns, including energy efficiency efforts and use of alternative energy

sources, such as self-generation and distributed generation technologies;

· Federal and state regulations, laws and other efforts designed to promote and

expand the use of energy efficiency measures and distributed generation

technologies, such as private solar and battery storage, in Duke Energy service

territories could result in customers leaving the electric distribution system,

excess generation resources as well as stranded costs;

· Advancements in technology;

· Additional competition in electric and natural gas markets and continued

   industry consolidation;









· The influence of weather and other natural phenomena on operations, including

the economic, operational and other effects of severe storms, hurricanes,

droughts, earthquakes and tornadoes, including extreme weather associated with

climate change;

· Changing customer expectations and demands including heightened emphasis on

environmental, social and governance concerns;

· The ability to successfully operate electric generating facilities and deliver

electricity to customers including direct or indirect effects to the company

resulting from an incident that affects the U.S. electric grid or generating

resources;

· Operational interruptions to our natural gas distribution and transmission

activities;

· The availability of adequate interstate pipeline transportation capacity and

natural gas supply;

· The impact on facilities and business from a terrorist attack, cybersecurity

threats, data security breaches, operational accidents, information technology

failures or other catastrophic events, such as fires, explosions, pandemic

health events or other similar occurrences;

· The inherent risks associated with the operation of nuclear facilities,

including environmental, health, safety, regulatory and financial risks,

including the financial stability of third-party service providers;

· The timing and extent of changes in commodity prices and interest rates and the

ability to recover such costs through the regulatory process, where

appropriate, and their impact on liquidity positions and the value of

underlying assets;

· The results of financing efforts, including the ability to obtain financing on

favorable terms, which can be affected by various factors, including credit

ratings, interest rate fluctuations, compliance with debt covenants and

conditions and general market and economic conditions;

· Credit ratings of the Duke Energy and its subsidiaries (the "Duke Energy

Registrants) may be different from what is expected;

· Declines in the market prices of equity and fixed-income securities and

resultant cash funding requirements for defined benefit pension plans, other

post-retirement benefit plans and nuclear decommissioning trust funds;

· Construction and development risks associated with the completion of the Duke

   Energy Registrants' capital investment projects, including risks related to
   financing, obtaining and complying with terms of permits, meeting construction
   budgets and schedules and satisfying operating and environmental performance
   standards, as well as the ability to recover costs from customers in a timely
   manner, or at all;

· Changes in rules for regional transmission organizations, including changes in

rate designs and new and evolving capacity markets, and risks related to

obligations created by the default of other participants;

· The ability to control operation and maintenance costs;

· The level of creditworthiness of counterparties to transactions;

· The ability to obtain adequate insurance at acceptable costs;

· Employee workforce factors, including the potential inability to attract and

   retain key personnel;









· The ability of subsidiaries to pay dividends or distributions to Duke Energy

Corporation holding company (the Parent);

· The performance of projects undertaken by our nonregulated businesses and the

success of efforts to invest in and develop new opportunities;

· The effect of accounting pronouncements issued periodically by accounting

standard-setting bodies;

· The impact of U.S. tax legislation to our financial condition, results of

operations or cash flows and our credit ratings;

· The impacts from potential impairments of goodwill or equity method investment

carrying values;

· The actions of activist shareholders could disrupt our operations, impact our

ability to execute on our business strategy, or cause fluctuations in the

trading price of our common stock; and

· The ability to implement our business strategy, including enhancing existing

   technology systems.



Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Item 9.01. Financial Statements and Exhibits.




(d)  Exhibits.



  99.1     Summary of North Carolina Energy Legislation
         Cover Page Interactive Data File (the cover page XBRL tags are embedded
104      in the Inline XBRL document).

© Edgar Online, source Glimpses

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Sales 2021 25 284 M - -
Net income 2021 3 966 M - -
Net Debt 2021 65 757 M - -
P/E ratio 2021 19,4x
Yield 2021 3,96%
Capitalization 76 842 M 76 842 M -
EV / Sales 2021 5,64x
EV / Sales 2022 5,52x
Nbr of Employees 27 535
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Last Close Price 99,88 $
Average target price 106,13 $
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Lynn J. Good Chairman, President & Chief Executive Officer
Steven K. Young Chief Financial Officer & Executive Vice President
Bonnie Titone Chief Information Officer
Dhiaa M. Jamil Chief Operating Officer & Executive Vice President
Melissa Feldmeier Chief Ethics & Compliance Officer, Vice President
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