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: November 1724, 2021

(Date of earliest event reported)

Commission file number	Registrant, State of Incorporation or Organization, Address of Principal Executive Offices and Telephone Number	IRS Employer Identification Number
1-3382	DUKE ENERGY PROGRESS, LLC (aan North Carolina limited liability company) 410 South Wilmington Street Raleigh, North Carolina 27601-1748 704-382-3853	56-0165465
333-259315-01	DUKE ENERGY PROGRESS NC STORM FUNDING LLC (a Delaware limited liability company) 410 South Wilmington Street Raleigh, North Carolina 27601-1748 704-382-3853	87-2308312

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 (see General Instruction A.2. below):

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:

Title of each class Trading Symbol(s) Name of each exchange on which registered None.

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. ¨

Co-Registrant CIK	0001881229
Co-Registrant Amendment Flag	false
Co-Registrant Form Type	8-K
Co-Registrant DocumentPeriodEndDate	2021-11-1724
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

Item 8.01.

Other Events

On November 17 24, 2021, Duke Energy Progress, ~~LLC (the “Utility”) and Duke Energy Progress~~ NC Storm Funding LLC (the “Issuing Entity”) ~~entered~~issued into an Underwriting Agreement (the “Underwriting Agreement”) with RBC Capital Markets, LLC and Citigroup Global Markets Inc. as representatives of the underwriters identified therein with respect to the purchase and sale of $769,627,000 of Series A Senior Secured Storm Recovery Bonds~~, Series~~ A (the “Storm Recovery Bonds”), ~~to be issued by the Issuing Entity~~ pursuant to an Indenture and Series Supplement (together, the “Indenture”), each ~~to be~~ dated as of November 24, 2021~~, which are annexed hereto as Exhibits 4~~.1 ~~and 4.2, respectively, to this Current Report on Form 8-K.~~ The Storm Recovery Bonds were offered pursuant to the ~~prospectus~~Prospectus dated November 17, ~~2021~~ ~~(the “Prospectus”)~~2021. In connection with ~~the~~this issuance of the Storm Recovery Bonds, ~~the~~Duke ~~Utility~~Energy Progress, LLC and the Issuing Entity ~~also~~ ~~expect~~are tofiling ~~enter~~the ~~into~~exhibits alisted in ~~Storm~~Item ~~Recovery Property Servicing Agreement~~9.01, ~~Storm Recovery Property Purchase and Sale Agreement, and Administration Agreement,~~ which ~~together with the Underwriting Agreement,~~ are annexed hereto as ~~Exhibits~~exhibits ~~10.1, 10.2 and 10.3, respectively,~~ to this Current Report on Form 8-K.

Additionally, effective as of November 15, 2021, the Issuing Entity adopted an Amended and Restated Limited Liability Company Agreement (the “A&R LLC Agreement”) in connection with the issuance of the Storm Recovery Bonds. The A&R LLC Agreement, which is described in the Prospectus, was previously approved by the Utility, the sole member of the Issuing Entity. The description of the A&R LLC Agreement in the Prospectus is not complete and is qualified in its entirety by reference to the full text of the A&R LLC Agreement, which is annexed hereto as Exhibit 3.2 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 9.01.

Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.	Description	~~Description~~
1.1		Underwriting Agreement among Duke Energy Progress NC Storm Funding LLC, Duke Energy Progress, LLC, RBC Capital Markets, LLC and Citigroup Global Markets Inc. as representatives for the Underwriters identified therein, dated November 17, 2021
4.1	Indenture between Duke Energy Progress NC Storm Funding LLC and the Indenture Trustee (including forms of the Senior Secured Storm Recovery Bonds) dated as of November 24, 2021
3.2		Amended and Restated Limited Liability Company Agreement, dated as of November 15, 2021, of Duke Energy Progress NC Storm Funding LLC
4.2	Series Supplement between Duke Energy Progress NC Storm Funding LLC and the Indenture Trustee, dated as of November 24, 2021
4.1		Indenture between Duke Energy Progress NC Storm Funding LLC and the Indenture Trustee (including forms of the Senior Secured Storm Recovery Bonds) to be dated as of November 24, 2021
5.1	Opinion of Hunton Andrews Kurth LLP with respect to legality
4.2		Series Supplement between Duke Energy Progress NC Storm Funding LLC and the Indenture Trustee, to be dated as of November 24, 2021
8.1	Opinion of Hunton Andrews Kurth LLP with respect to tax matters
10.1	Storm Recovery Property Servicing Agreement between Duke Energy Progress NC Storm Funding LLC and Duke Energy Progress, LLC, as Servicer, dated as of November 24, 2021	~~Storm Recovery Property Servicing Agreement between Duke Energy Progress NC Storm Funding LLC and Duke Energy Progress, LLC, as Servicer, to be dated as of November 24, 2021~~
10.2	Storm Recovery Property Purchase and Sale Agreement between Duke Energy Progress NC Storm Funding LLC and Duke Energy Progress, LLC, as Seller, dated as of November 24, 2021	~~Storm Recovery Property Purchase and Sale Agreement between Duke Energy Progress NC Storm Funding LLC and Duke Energy Progress, LLC, as Seller, to be dated as of November 24, 2021~~
10.3	Administration Agreement between Duke Energy Progress NC Storm Funding LLC and Duke Energy Progress, LLC, as Administrator, dated as of November 24, 2021	~~Administration Agreement between Duke Energy Progress NC Storm Funding LLC and Duke Energy Progress, LLC, as Administrator, to be dated as of November 24, 2021~~
104		Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).
23.1	Consent of Hunton Andrews Kurth LLP (included as part of its opinions filed as Exhibit 5.1 and Exhibit 8.1)
99.2	Opinion of Hunton Andrews Kurth LLP with respect to U.S. and North Carolina constitutional matters
104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

	DUKE ENERGY PROGRESS, LLC
	By:	/s/ Robert T. Lucas III
		Robert T. Lucas III
Dated: November 19, 2021		Assistant Secretary
	DUKE ENERGY PROGRESS NC STORM FUNDING LLC
	By:	/s/ Robert T. Lucas III
		Robert T. Lucas III
Dated: November 19, 2021		Secretary

DUKE ENERGY PROGRESS, LLC

	By:	/s/ Robert T. Lucas III
		Robert T. Lucas III
Dated: November 24, 2021		Assistant Secretary

DUKE ENERGY PROGRESS NC STORM FUNDING LLC

	By:	/s/ Robert T. Lucas III
		Robert T. Lucas III
Dated: November 24, 2021		Secretary

Filing Compare · DUKE ENERGY PROGRESS, LLC.