DUK-A Duke Energy Corp New

Item 8.01. Other Events.

On October 13, 2021, North Carolina Governor Roy Cooper signed into law legislation (“HB 951”) that established a framework overseen by the North Carolina Utilities Commission (the “NCUC”) to advance North Carolina CO₂ emission reductions from electric generating facilities in the state through the use of least cost planning while providing for continued reliability and affordable rates for customers. Among other things, HB 951 directed that the NCUC approve an initial carbon plan by December 31, 2022, taking all reasonable steps to achieve a 70% reduction in CO₂ emissions from public utilities’ electric generating facilities in the state by 2030 (from 2005 levels) and achieve carbon neutrality from electric generating facilities by 2050.

On May 16, 2022, Duke Energy Carolinas, LLC (“DEC”) and Duke Energy Progress, LLC (“DEP” and, together with DEC, the “Companies”) filed a proposed Carolinas carbon plan (the “Proposed Plan”) with the NCUC. The Proposed Plan was based upon an “all-of-the-above” approach to the energy transition and included a defined set of near-term procurement and development activities.

On December 30, 2022, the NCUC issued an order adopting an initial carbon plan (the “Carbon Plan”). Consistent with the Companies’ proposal, the order recognizes the value of an “all-of-the-above” approach to achieving CO₂ emission reductions. The order approves a number of near-term activities requested by the Companies that are needed to continue progress toward achieving the CO₂ emissions reduction targets.

The order requires the Companies to refresh the Carbon Plan modeling – including impacts of the Inflation Reduction Act of 2022, Infrastructure Investment Jobs Act, and other future legislative changes and changing conditions – and file an updated Carbon Plan with the NCUC by September 1, 2023. The Carbon Plan will be reviewed and adjusted every two years thereafter.

In August 2023, the Companies will file an Integrated Resource Plan with the Public Service Commission of South Carolina, which will take into account the Carbon Plan, the Inflation Reduction Act of 2022 and other factors relevant to resource planning.

An overview providing additional details on the order is attached to this Form 8-K as exhibit 99.1.