Item 7.01. Regulation FD Disclosure.
On January 19, 2023, Duke Energy Carolinas, LLC ("DEC") filed a rate case with
the North Carolina Utilities Commission (the "NCUC") to request an increase in
base rate retail revenues. DEC's rate request before the NCUC includes a
Performance Based Regulation Application which includes a Multi-Year Rate Plan
("MYRP") and proposes rates for 3 years within the MYRP period. If approved by
the NCUC, the net increase in retail revenues in year one is about $501 million
or 9.5%, followed by $172 million (3.3%) in year two and $150 million (2.9%) in
year three - a total 15.7% increase by early 2026. The rate case filing
requests an overall rate of return of 7.53% based on approval of a 10.4% return
on equity and a 53% equity component of the capital structure.
Although a procedural schedule has not yet been established by the NCUC,
hearings are expected to commence in August 2023. DEC intends to implement
temporary rates, subject to refund, on September 1, 2023 for the historic base
case increase and has requested the NCUC approve the requested permanent total
Year 1 rates to be effective no later than January 1, 2024.
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 Duke Energy Carolinas Summary of 2023 Rate Case Filing
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded in
the Inline XBRL document).
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