Notice of Filing and Public Hearing Duke Energy Carolinas, LLC’s and Duke Energy Progress, LLC’s Joint Applica- tion to Engage in a Business Combination, Address Regulatory Conditions and Code of Conduct, and Request for an Accounting Order Docket No. 2025-230-E Why is this Notice Important? • On August 14, 2025, Duke Energy Carolinas, LLC (“DEC”) and Duke Energy Progress, LLC (“DEP,” and, collectively with DEC, “the Companies” or “the Joint Applicants”) filed a Joint Application to Engage in a Business Combination, Address Regulatory Conditions and Code of Conduct and a Request for an Accounting Order with the Public Service Commission of South Carolina (“the Commission”). • The Joint Applicants request regulatory approval from three jurisdictions – the North Carolina Utilities Commission, the Federal Energy Regulatory Commis- sion, and the Commission – that the Combination may be consummated or completed as of January 1, 2027. What are Duke Energy Carolinas, LLC, and Duke Energy Progress, LLC, asking the Commission to approve? • Authorization to complete a business combination (“Combination”) by which DEP will be merged or fully integrated into DEC, with DEC as the single sur- viving entity. • Approval of a “Share the Benefits” plan that contains two near-term contribu- tions to the South Carolina retail jurisdiction, one from the wholesale jurisdic- tion ($55 million per year contribution to South Carolina retail jurisdiction for five years) and one from the North Carolina retail jurisdiction ($25 million per year, to the South Carolina retail jurisdiction over a six-year period). • Approval of the proposed post-Combination Regulatory Conditions and Code of Conduct. • Issuance of an accounting order for two categories of costs and/or benefits: (1) to facilitate the Share the Benefits plan proposal; and (2) to defer and recov- er the costs to achieve (“CTA”). • Approval of the request to facilitate the Share the Benefits plan by creating: (i) a regulatory asset to effectuate the cost reallocation to South Carolina retail; (ii) a regulatory liability to defer the North Carolina retail jurisdiction’s contribution to the South Carolina retail jurisdiction pursuant to the Share the Benefits plan; and (iii) a regulatory liability to defer the wholesale jurisdiction’s contribution to the South Carolina retail jurisdiction under the Share the Benefits plan. Will DEC’s and DEP’s customers’ bills increase if the business combination is approved? • There will be no change to South Carolina rates on January 1, 2027, from the business combination, and any future change will occur over time with Commission approval. The case was filed according to S.C. Code Ann. § 58-27-1300, S.C. Code Ann. Regs. 103-823, S.C. Code Ann. § 58-27-1540, and S.C. Code Ann. Regs. § 103-825, and this hearing has been scheduled according to S.C. Code Ann. Regs. 103-817. A public hearing has been scheduled in this case to begin on Wednes- day, April 8, 2026, at 10:00 a.m., at the Public Service Commission, Hear- ing Room, 101 Executive Center Drive, Columbia, SC 29210. For information on this entire Case, visit: https://dms.psc.sc.gov/Web/Dockets/ Detail/119453 Intervention deadline: Wednesday, November 12, 2025 Manner of filing Intervention: Email a Petition to Intervene to contact@ psc.sc.gov or mail a Petition to Intervene to 101 Executive Center Drive, Suite 100, Columbia, SC 29210. Please include your email address. You must give a copy of your Petition to Intervene to all Parties in this case. Manner to file Letters of Protest: File Public Comments or Letters of Protest by emailing contact@psc.sc.gov or mail Public Comments or Letters of Protest to 101 Executive Center Drive, Suite 100, Columbia, SC 29210. For questions regarding this filing, contact the Office of Regulatory Staff at 1-800-922-1531, the South Carolina Department of Consumer Affairs at 1-800- 922-1594, Duke Energy Carolinas, LLC, and Duke Energy Progress, LLC, at 803-988-7132, or for public information on this filing, contact the Public Ser- vice Commission at 1-803-896-5100. August 28,2025 GRR