# EDGAR Filing Document

**Accession Number:** 0001881229
**File Stem:** 0001881229-23-000002
**Filing Date:** 2023-1
**Character Count:** 16233
**Document Hash:** 7b20c4a383512595ccaf629c6d89e6e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001881229-23-000002.hdr.sgml**: 20230104

**ACCESSION NUMBER**: 0001881229-23-000002

**CONFORMED SUBMISSION TYPE**: 10-D

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230101

**FILED AS OF DATE**: 20230104

**DATE AS OF CHANGE**: 20230104

**ABS ASSET CLASS**: Debt Securities

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Duke Energy Progress NC Storm Funding LLC
- **CENTRAL INDEX KEY:** 0001881229
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **IRS NUMBER:** 872308312
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-259315-01
- **FILM NUMBER:** 23504381

**BUSINESS ADDRESS:**
- **STREET 1:** 410 SOUTH WILMINGTON STREET
- **CITY:** RALEIGH
- **STATE:** NY
- **ZIP:** 27601-1748
- **BUSINESS PHONE:** 704-382-3853

**MAIL ADDRESS:**
- **STREET 1:** 410 SOUTH WILMINGTON STREET
- **CITY:** RALEIGH
- **STATE:** NY
- **ZIP:** 27601-1748

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-D**

**ASSET-BACKED ISSUER**

**DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

**For the semi-annual distribution period from**

**July 1, 2022 to December 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Commission File Number** | **Registrant; State of Incorporation; Address; and Telephone Number** | **IRS Employer Identification No.** |
| **333-259315-01** | **DUKE ENERGY PROGRESS NC STORM FUNDING, LLC** | **87-2308312** |
|  | **(Delaware)** |  |
|  | **410 South Wilmington Street, Raleigh, North Carolina 27601-1748** |  |
|  | **704-382-3853** |  |
| **1-3382** | **DUKE ENERGY PROGRESS, LLC** | **56-0165465** |
|  | **(Depositor and Sponsor)** |  |
|  | **(North Carolina)** |  |
|  | **410 South Wilmington Street, Raleigh, North Carolina 27601-1748** |  |
|  | **704-382-3853** |  |

---

Registered/reporting pursuant to (check one)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | | Name of exchange |
| Title of class | Section 12(b) | Section 12(g) | Section 15(d) | (If Section 12(b)) |
| Series A 2028 Senior Secured Storm Recovery Bonds | □ | □ | 🗹 |  |
| Series A 2037 Senior Secured Storm Recovery Bonds | □ | □ | 🗹 |  |
| Series A 2041 Senior Secured Storm Recovery Bonds | □ | □ | 🗹 |  |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes 🗹 No □

------

**PART I – DISTRIBUTION INFORMATION**

**Item 1. Distribution and Pool Performance Information.**

The response to Item 1 is set forth in part herein and in part in Exhibit 99.1.

The record date for distributions described in Exhibit 99.1 is January 1, 2023.

Introductory and explanatory information regarding the material terms, parties, and distributions described in Exhibit 99.1 is included in the Prospectus dated November 17, 2021, of Duke Energy Progress NC Storm Funding LLC (Issuing Entity) relating to the Series A Senior Secured Bonds (Bonds) filed with the Securities and Exchange Commission pursuant to Rule 424(b)(1) of the Securities Act of 1933 on November 18, 2021.

As indicated in Exhibit 99.1, all required interest and scheduled principal payments on the Bonds have been made with respect to the January 1, 2023, distribution date.

**The following Items have been omitted pursuant to General Instruction C of Form 10-D:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 1A. Asset-Level Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 1B. Asset Representations Reviewer and Investor Communication.

**PART II – OTHER INFORMATION**

**Item 2. Legal Proceedings.**

None.

**Item 3. Sale of Securities and Use of Proceeds.**

None.

**The following Items have been omitted pursuant to General Instruction C of Form 10-D:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 4. Defaults Upon Senior Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 5. Submission of Matters to a Vote of Security Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 6. Significant Obligors of Pool Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 7. Change in Sponsor Interest in the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 8. Significant Enhancement Provider Information.

**Item 9. Other Information.**

None.

------

**Item 10. Exhibits**

Exhibits filed here within are designated by an asterisk (\*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | <u>[Certificate of Formation of Duke Energy Progress NC Storm Funding LLC (filed with the Registration Statement on Form SF-1 of Duke Energy Progress, LLC (File No. 333-259315-01) on November 1, 2021)](https://www.sec.gov/Archives/edgar/data/17797/000110465921132412/tm2126671-6_sf1a.htm)</u> |
| 3.2 | <u>[Amended and Restated Limited Liability Company Agreement of Duke Energy Progress NC Storm Funding LLC dated and effective as of November 15, 2021 (Form 8-K filed November 19, 2021)](https://www.sec.gov/Archives/edgar/data/17797/000110465921141979/tm2126671d13_ex3-2.htm)</u> |
| 4.1 | <u>[Indenture, dated as of November 24, 2021, by and between Duke Energy Progress NC Storm Funding LLC and The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee and Securities Intermediary (Form 8-K filed November 24, 2021)](https://www.sec.gov/Archives/edgar/data/17797/000110465921143611/tm2126671d14_ex4-1.htm)</u> |
| 10.1 | <u>[Storm Recovery Property Servicing Agreement, dated as of November 24, 2021, by and between Duke Energy Progress NC Storm Funding LLC and Duke Energy Progress, LLC (Form 8-K filed November 24, 2021)](https://www.sec.gov/Archives/edgar/data/17797/000110465921143611/tm2126671d14_ex10-1.htm)</u> |
| 10.2 | <u>[Storm Recovery Property Purchase and Sale Agreement, dated as of November 24, 2021, by and between Duke Energy Progress NC Storm Funding LLC and Duke Energy Progress, LLC (Form 8-K filed November 24, 2021)](https://www.sec.gov/Archives/edgar/data/17797/000110465921143611/tm2126671d14_ex10-2.htm)</u> |
| 10.3 | <u>[Administration Agreement, dated as of November 24, 2021, by and between Duke Energy Progress NC Storm Funding LLC and Duke Energy Progress, LLC (Form 8-K filed November 24, 2021)](https://www.sec.gov/Archives/edgar/data/17797/000110465921143611/tm2126671d14_ex10-3.htm)</u> |
| \*99.1 | <u>[Semi-annual Servicer's Certificate relating to the Bonds, dated](depncstormfunding-20230101.htm)[December](depncstormfunding-20230101.htm)[2](depncstormfunding-20230101.htm)[0](depncstormfunding-20230101.htm)[, 2022](depncstormfunding-20230101.htm)</u> |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: | January 4, 2023 | **DUKE ENERGY PROGRESS NC STORM FUNDING LLC** |
|  |  | **(Issuing Entity)** |
|  |  | By: Duke Energy Progress, LLC, as Servicer |
|  | By: | /s/ Cynthia S. Lee |
|  |  | Cynthia S. Lee |
|  |  | Vice President, Chief Accounting Officer and Controller |

---

## Exhibit 99.1

Exhibit 99.1

SEMI-ANNUAL SERVICER'S CERTIFICATE

Pursuant to Section 4.01(c)(ii) of the Storm Recovery Property Servicing Agreement, dated as of November 24, 2021 (Servicing Agreement), by and between **DUKE ENERGY PROGRESS, LLC**, as servicer (Servicer), and **DUKE ENERGY PROGRESS NC STORM FUNDING LLC**, the Servicer does hereby certify, for the January 1, 2023, Payment Date (Current Payment Date), as follows:

Capitalized terms used but not defined herein have their respective meanings as set forth in the Servicing Agreement. References herein to certain sections and subsections are references to the respective sections of the Servicing Agreement or the Indenture, as the context indicates.

**Collection Periods:** July 1, 2022 to December 31, 2022

**Payment Date:** January 1, 2023

1. Collections Allocable and Aggregate Amounts Available for the Current Payment Date:

---

| | | | | |
|:---|:---|:---|:---|:---|
| i. | Remittances for the | July 2022 | Collection Period | $4968528.28 |
| ii. | Remittances for the | August 2022 | Collection Period | 5736446.06 |
| iii. | Remittances for the | September 2022 | Collection Period | 4749915.12 |
| iv.. | Remittances for the | October 2022 | Collection Period | 4381966.76 |
| v. | Remittances for the | November 2022 | Collection Period | 3180207.93 |
| vi. | Remittances for the | December 2022 | Collection Period | 3843596.22 |
| vii. |  |  |  |  |
| viii. |  |  |  |  |
| ix. | Investment Earnings on General Subaccount | Investment Earnings on General Subaccount | Investment Earnings on General Subaccount | 116839.84 |
| x. | Investment Earnings on Capital Subaccount | Investment Earnings on Capital Subaccount | Investment Earnings on Capital Subaccount | 20847.52 |
| xi. | Investment Earnings on Excess Funds Subaccount | Investment Earnings on Excess Funds Subaccount | Investment Earnings on Excess Funds Subaccount |  |
| **xii.** | **General Subaccount Balance (sum of i through xi above)** | **General Subaccount Balance (sum of i through xi above)** | **General Subaccount Balance (sum of i through xi above)** | $**26998347.73** |
| xiii. | Excess Funds Subaccount Balance as of prior Payment Date | Excess Funds Subaccount Balance as of prior Payment Date | Excess Funds Subaccount Balance as of prior Payment Date |  |
| xiv. | Capital Subaccount Balance as of prior Payment Date | Capital Subaccount Balance as of prior Payment Date | Capital Subaccount Balance as of prior Payment Date | 2097197.15 |

---

2. &nbsp;&nbsp;&nbsp;&nbsp;Outstanding Amounts as of prior Payment Date:

i. Storm Recovery Series A 2028 Outstanding Amount $205,780,999.00

ii. Storm Recovery Series A 2037 Outstanding Amount 352,000,000.00

iii. Storm Recovery Series A 2041 Outstanding Amount 196,627,000.00

**iv.** **Aggregate Outstanding Amount of all Storm Recovery Bonds** **$** **754,407,999.00** 

3. &nbsp;&nbsp;&nbsp;&nbsp;Required Funding/Payments as of Current Payment Date:

---

| | | | |
|:---|:---|:---|:---|
| | ***Principal*** | | ***Principal Due*** |
| i. | Storm Recovery Series A | 2028 | $16931986.00 |
| ii. | Storm Recovery Series A | 2037 |  |
| iii. | Storm Recovery Series A | 2041 |  |
| **iv.** | **All Storm Recovery Bonds** | **All Storm Recovery Bonds** | $**16931986.00** |

---

------

Exhibit 99.1

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | ***Interest*** | | | | | |
| | | | **Interest Rate** | **Days in Interest Period** | **Principal Balance** | **Interest Due** |
| v. | Storm Recovery Series A | 2028 | 1.295% | 183 | $205780999.00 | $1332432.00 |
| vi. | Storm Recovery Series A | 2037 | 2.387% | 183 | 352000000.00 | 4201120.00 |
| vii. | Storm Recovery Series A | 2041 | 2.799% | 183 | 196627000.00 | 2751795.00 |
| **viii.** | **All Storm Recovery Bonds** | **All Storm Recovery Bonds** | **All Storm Recovery Bonds** | **All Storm Recovery Bonds** | **All Storm Recovery Bonds** | $**8285347.00** |
|  |  |  |  |  | **Required Level** | **Funding Required** |
| ix. | Capital Account | Capital Account |  |  | $3848135.00 | $1354351.94 |

---

4. &nbsp;&nbsp;&nbsp;&nbsp;Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture:

---

| | | | | |
|:---|:---|:---|:---|:---|
| i. | Trustee Fees and Expenses; Indemnity Amounts | Trustee Fees and Expenses; Indemnity Amounts | Trustee Fees and Expenses; Indemnity Amounts | $13125.00 |
| ii. | Servicing Fee | Servicing Fee | Servicing Fee | 192406.75 |
| iii. | Administration Fee | Administration Fee | Administration Fee |  |
| iv. | Operating Expenses | Operating Expenses | Operating Expenses | 145714.15 |
| Storm Recovery Bonds | Storm Recovery Bonds | Aggregate | Per $1,000 of Original Principal Amount |  |
| v. | Semi-Annual Interest (including any past-due for prior periods) | Semi-Annual Interest (including any past-due for prior periods) |  | $**8285347.00** |
| 1. | 2028 | $1332432.00 | $6.48 |  |
| 2. | 2037 | 4201120.00 | 11.94 |  |
| 3. | 2041 | 2751795.00 | 14.00 |  |
| vi. | Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date | Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date | Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date | $**—** |
| 1. | 2028 | $— | $— |  |
| 2. | 2037 |  |  |  |
| 3. | 2041 |  |  |  |
| vii. | Semi-Annual Principal | Semi-Annual Principal | Semi-Annual Principal | $**16931986.00** |
| 1. | 2028 | $16931986.00 | $82.28 |  |
| 2. | 2037 |  |  |  |
| 3. | 2041 |  | 0 |  |
| viii. | Other unpaid Operating Expenses | Other unpaid Operating Expenses | Other unpaid Operating Expenses | $— |
| ix. | Funding of Capital Subaccount (to required level) | Funding of Capital Subaccount (to required level) | Funding of Capital Subaccount (to required level) | 1354351.94 |
| x. | Capital Subaccount Return to Duke Energy Progress | Capital Subaccount Return to Duke Energy Progress | Capital Subaccount Return to Duke Energy Progress | 54569.37 |
| xi. | Deposits to Excess Funds Subaccount | Deposits to Excess Funds Subaccount | Deposits to Excess Funds Subaccount |  |
| xii. | Released to Issuer upon Retirement of all Series Bonds | Released to Issuer upon Retirement of all Series Bonds | Released to Issuer upon Retirement of all Series Bonds |  |
| **xiii.** | **Aggregate Remittances as of Current Payment Date** | **Aggregate Remittances as of Current Payment Date** | **Aggregate Remittances as of Current Payment Date** | $**26977500.21** |

---

------

Exhibit 99.1

5.&nbsp;&nbsp;&nbsp;&nbsp;Outstanding Amount and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such Payment Date):

i. Storm Recovery Series A 2028 $188,849,013.00

ii. Storm Recovery Series A 2037 352,000,000.00

iii. Storm Recovery Series A 2041 196,627,000.00

**iv.** **Aggregate Outstanding Amount of all Series A Bonds** **$** **737,476,013.00** 

v. Excess Funds Subaccount Balance —

vi. Capital Subaccount Balances 3,472,396.61

**vii.** **Aggregate Collection Account Balance** **$** **3,472,396.61** 

6.&nbsp;&nbsp;&nbsp;&nbsp;Subaccount Withdrawals as of Current Payment Date (if applicable, pursuant to Section 8.02(e) of Indenture):

i. Excess Funds Subaccount $—

ii. Capital Subaccount —

**iii.** **Total Withdrawals** **$** **—** 

7.&nbsp;&nbsp;&nbsp;&nbsp;Shortfalls in Interest and Principal Payments as of Current Payment Date:

---

| | | | |
|:---|:---|:---|:---|
| i. | Semi-annual Interest | Semi-annual Interest |  |
|  | Storm Recovery Series A | 2028 | $— |
|  | Storm Recovery Series A | 2037 |  |
|  | Storm Recovery Series A | 2041 |  |
|  | **Total** |  | $**—** |
| ii. | Semi-annual Principal | Semi-annual Principal |  |
|  | Storm Recovery Series A | 2028 | $— |
|  | Storm Recovery Series A | 2037 |  |
|  | Storm Recovery Series A | 2041 |  |
|  | **Total** |  | $**—** |

---

8.&nbsp;&nbsp;&nbsp;&nbsp;Shortfalls in Payment of Return on Invested Capital as of Current Payment Date:

i. Return on Invested Capital $—

9.&nbsp;&nbsp;&nbsp;&nbsp;Shortfalls in Required Subaccount Levels as of Current Payment Date:

i. Capital Subaccount $375,738.39

------

Exhibit 99.1

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semi-Annual Servicer's Certificate.

---

| | | |
|:---|:---|:---|
| Date: | December 20, 2022 | **DUKE ENERGY PROGRESS, LLC.** |
|  |  | **as Servicer** |
|  | By: | /s/ Nicholas G. Speros |
|  |  | Nicholas G. Speros |
|  |  | Director of Accounting |

---

<br>