UNITED STATES ~~SECURITIES AND EXCHANGE COMMISSION~~

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~~REPORT

~~Date~~Pursuant to Section 13 or 15(d) of ~~Report:~~the Securities ~~November~~Exchange ~~24,~~Act ~~2021~~of 1934

Date of Report (Date of earliest event reported): March 14, 2022

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 (an 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

DUKE ENERGY PROGRESS, LLC

~~Check~~(Exact ~~the~~Name ~~appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation~~ of ~~the~~Registrant ~~registrant~~as ~~under any of the following provisions~~Specified ~~(see~~in ~~General~~its ~~Instruction A.2. below~~Charter):

North Carolina

001-3382

56-0165465

(State or Other Jurisdiction

of Incorporation or Organization)

(Commission

File Number)

(IRS Employer

Identification No.)

410 South Wilmington Street, Raleigh, North Carolina 27601-1748

(Address of Principal Executive Offices, including Zip Code)

(704) 382-3853
(Registrant’s telephone number, including area code)

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~~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	2021-11-24
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

Securities registered pursuant to Section 12(b) of the Act:

~~Item~~Title ~~8.01.~~of ~~Other~~each ~~Events~~class: Trading Symbol(s): Name of each exchange on which registered: None

On November 24, 2021, Duke Energy Progress NC Storm Funding LLC (the “Issuing Entity”) issued $769,627,000 of Series A Senior Secured Storm Recovery Bonds (the “Storm Recovery Bonds”), pursuant to an Indenture and Series Supplement (together, the “Indenture”), each dated as of November 24, 2021. The Storm Recovery Bonds were offered pursuant to the Prospectus dated November 17, 2021. In connection with this issuance of the Storm Recovery Bonds, Duke Energy Progress, LLC and the Issuing Entity are filing the exhibits listed in Item 98.01,. ~~which~~Other ~~are annexed hereto as exhibits to this Current Report on Form 8-K~~Events.

~~Item~~On 9March 17, 2022, Duke Energy Progress, LLC (the “Company”) consummated the issuance and sale of the securities described below pursuant to an underwriting agreement, dated March 14, 2022 (the “Underwriting Agreement”), with BofA Securities, Inc.01, Goldman Sachs & Co. ~~Financial~~LLC, J.P. ~~Statements~~Morgan Securities LLC, MUFG Securities Americas Inc. and ~~Exhibits~~Scotia Capital (USA) Inc., as representatives of the several underwriters named therein (the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters $500,000,000 aggregate principal amount of the Company’s First Mortgage Bonds, 3.40% Series due 2032 and $400,000,000 aggregate principal amount of the Company’s First Mortgage Bonds, 4.00% Series due 2052 (collectively, the “Sustainability Bonds”). The Sustainability Bonds were sold to the Underwriters at a discount to their principal amounts. The Sustainability Bonds were issued under the Mortgage and Deed of Trust (dated as of May 1, 1940) with The Bank of New York Mellon (formerly Irving Trust Company) (the “Corporate Trustee”) and Christie Leppert (successor to Frederick G. Herbst), as trustees (together with the Corporate Trustee, the “Mortgage Trustees”), as supplemented from time to time, including by the Ninety-second Supplemental Indenture, dated as of March 1, 2022 (the “Ninety-second Supplemental Indenture”), among the Company and the Mortgage Trustees, relating to the Sustainability Bonds (collectively, the “Mortgage”).

The foregoing disclosure is qualified in its entirety by the provisions of the Mortgage, the Ninety-second Supplemental Indenture, together with the forms of global bonds evidencing the Sustainability Bonds included therein, which is filed as Exhibit 4.1 hereto, and the Underwriting Agreement, which is filed as Exhibit 99.1 hereto. Such exhibits are incorporated herein by reference. Also, in connection with the issuance and sale of the Sustainability Bonds, the Company is filing a legal opinion regarding the validity of the Sustainability Bonds as Exhibit 5.1 to this Current Report on Form 8-K for the purpose of incorporating the opinion into the Company’s Registration Statement on Form S-3 (dNo. 333-233896-02) ~~Exhibits~~.

Exhibit No.		Description
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
4.2		Series Supplement between Duke Energy Progress NC Storm Funding LLC and the Indenture Trustee, dated as of November 24, 2021
5.1		Opinion of Hunton Andrews Kurth LLP with respect to legality
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
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
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
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

Item 9.01. Financial Statements and Exhibits.

~~SIGNATURES~~(d) Exhibits

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.

Exhibit		Description
Exhibit 4.1		Ninety-second Supplemental Indenture, dated as of March 1, 2022, among the Company, The Bank of New York Mellon (formerly Irving Trust Company) and Christie Leppert (successor to Frederick G. Herbst) and forms of global bonds.

Exhibit 5.1		Opinion regarding validity of the Sustainability Bonds.

Exhibit 23.1		Consent (included as part of Exhibit 5.1).

Exhibit 99.1		Underwriting Agreement, dated March 14, 2022, among the Company and BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and Scotia Capital (USA) Inc., as representatives of the several underwriters named therein.

Exhibit 104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

~~DUKE ENERGY PROGRESS, LLC~~2

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

SIGNATURE

~~DUKE~~Pursuant ~~ENERGY~~to ~~PROGRESS~~the NCrequirements ~~STORM~~of ~~FUNDING~~the ~~LLC~~Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	By:	/s/ Robert T. Lucas III
Date: March 17, 2022	DUKE ENERGY PROGRESS, LLC
		Robert T. Lucas III
	By:	/s/ Robert T. Lucas III, Esq.
Dated: November 24, 2021		Secretary
		Name:	Robert T. Lucas III, Esq.
		Title:	Assistant Secretary

Filing Compare · DUKE ENERGY PROGRESS, LLC.