Notice of Applications and Public Hearings Docket No. E-2, Sub 1383 Joint Application of Duke Energy Carolinas, LLC, and Duke Energy Progress, LLC to Engage in a Business Combination, Address Regulatory Conditions and Code of Conduct, And Request Accounting Order Docket No. E-7, Sub 1332 Joint Application of Duke Energy Carolinas, LLC, and Duke Energy Progress, LLC, to Engage in a Business Combination, Address Regulatory Conditions and Code of Conduct, and Request Accounting Order ----------------------------------------------------- Why am I receiving this notice? On August 14, 2025, Duke Energy Carolinas, LLC (DEC), and Duke Energy Progress, LLC (DEP, and together with DEC, Joint Applicants) filed a joint application seeking the North Carolina Utilities Commission’s (Commission) authorization to engage in a business combination (Combination) to merge DEP into DEC, with DEC as the surviving entity, as of January 1, 2027 (Application). For the purposes of this proceeding and to avoid confusion, the surviving entity is referred to in the Application and this notice as “Carolinas 1U.” The Joint Applicants state that the Combination will allow Carolinas 1U to overcome legal and regulatory barriers that currently restrict DEC and DEP’s ability to operate as a fully integrated single utility. Although the amount of actual savings will depend upon events as they unfold over time, the Joint Applicants state that removing those barriers is projected to unlock more than $1 billion in net system savings to North Carolina and South Carolina customers. The Joint Applicants further state that these savings will manifest in the future through allowing DEC and DEP to meet future resource needs at lower cost than would be possible were they to continue to operate separately, and by allowing fully integrated joint operation not permitted without the Combination being in place. In addition to seeking approval of the Combination, the Joint Applicants requested an accounting order establishing that Carolinas 1U be approved to recover the costs of effectuating the Combination from customers in future periods through increased rates Are rates for electric service going to be changed in this proceeding? Your electric rates will not be changed in this proceeding. This proceeding will only resolve the Combination of the Joint Applicants to become Carolinas 1U. The Joint Applicants anticipate that the Combination will deliver benefits of more than $1 billion in net system savings to North Carolina and South Carolina customers over time, and that the costs to achieve the Combination are approximately $143 million. When Carolinas 1U later requests changes to rates for its North Carolina customers, including recovery of its costs to achieve the Combination, that will take place in a separate general rate case, and you will receive another notice informing you of the request and how you can participate in that proceeding. How can I participate? Your input on the Combination can help the Commission make an informed decision. You may (but are not required to) participate in several ways, including: Option A: You can file a written consumer statement of position in the respective dockets by visiting ncuc.gov/contactus.html. The docket numbers are listed at the top of this notice. Option B: You can testify at a public hearing. Your testimony will become part of the record. For helpful tips on how to give public witness testimony, visit ncuc.gov/documents/ncucbrochure.pdf. Public Hearings will take place at the following: Date & Time Location Town/City Room December 15, 2025 7:00 p.m. 430 North Salisbury Street Dobbs Building Raleigh Commission Hearing Room 2115 December 16, 2025 6:30 p.m. Webex Please note that, at the public hearing, the Commissioners cannot answer questions. However, representatives from the Joint Applicants and from the Public Staff (the consumer advocate) will be available to answer questions before and after the hearing, and the Public Staff can answer questions before the hearing about how to testify. The December 16, 2025 public witness hearing shall be held remotely via Webex, beginning at 6:30 p.m. A link to view the hearing will be available at www.ncuc.gov. Members of the public that would like to testify must register in advance of the hearing, no later than 5:00 p.m. on December 9, 2025. To register, please complete the electronic Remote Public Witness Registration form located on the Commission’s website at www.ncuc. gov/hearings/remotepublicregister.html. A confirmation email will be sent to the email provided after the registration form is submitted. Further instructions, including the call-in number, will be provided to you by email approximately one week before the hearing. Witnesses calling from a different number than provided at registration may experience delays or other difficulties in providing their testimony. If assistance is needed, please contact 919-733-0837. Only the first 20 individuals registered by 5:00 p.m. on December 9, 2025, will be allowed to testify at the December 16, 2025 remote public witness hearing. This hearing will be canceled if no one registers to testify by 5:00 p.m. on December 9, 2025. The public witness hearing will be solely for the purpose of receiving the testimony of public witnesses in accordance with Commission Rule R1-21(g). The Commission reserves the right to limit testimony at the public witness hearings pursuant to Commission Rule R1 21(g)(5). The hearing will resume in Raleigh on Monday, February 23, 2026, at 2:00 p.m. for the purpose of receiving expert witness testimony from the parties’ witnesses and will continue as required for testimony and cross-examination of expert witnesses for the Joint Applicants, the Public Staff, and other intervenors. Where can I find more information? The Joint Applicants’ Application was filed pursuant to North Carolina General Statute Chapter 62, Section 62-111(a) (ncleg.net/ enactedlegislation/statutes/html/bychapter/chapter_62.html); and Commission Rule R1-5 (ncuc.gov/ncrules/rulstoc.html). You can find materials filed by the Joint Applicants and other parties and orders issued by the Commission in this proceeding by typing one of the docket numbers into the Docket Number entry at the following website: starw1.ncuc.gov/NCUC/page/Dockets/portal.aspx. The Public Staff represents customers in proceedings before the Commission. The Public Staff has a team of engineers, accountants, economists, and lawyers investigating the proposed Combination and is scheduled to file testimony outlining its recommendations on December 19, 2025. You can learn more about the Public Staff at publicstaff.nc.gov and can write to the Public Staff at 4325 Mail Service Center, Raleigh, NC 27699-4300. You can learn more about Duke at duke-energy.com.