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Form 10-D Duke Energy Carolinas For: Jul 01

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July 5, 2022 8:40 AM EDT


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
December 1, 2021 to June 30, 2022
Commission File NumberRegistrant; State of Incorporation; Address; and Telephone NumberIRS Employer Identification No.
333-259314-01DUKE ENERGY CAROLINAS NC STORM FUNDING LLC87-2284895
(Delaware)
526 South Church Street, Charlotte, North Carolina 28202-1803
704-382-3853
1-4928DUKE ENERGY CAROLINAS, LLC56-0205520
(Depositor and Sponsor)
(North Carolina)
526 South Church Street, Charlotte, North Carolina 28202-1803
704-382-3853
Registered/reporting pursuant to (check one)
Name of exchange
Title of classSection 12(b)Section 12(g)Section 15(d)(If Section 12(b))
Series A 2031 Senior Secured Storm Recovery Bondsooþ
Series A 2041 Senior Secured Storm Recovery Bondsooþ
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 þ No o


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 July 1, 2022.
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 Carolinas 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 July 1, 2022, distribution date.
The following Items have been omitted pursuant to General Instruction C of Form 10-D:
•Item 1A. Asset-Level Information.
•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:
•Item 4. Defaults Upon Senior Securities.
•Item 5. Submission of Matters to a Vote of Security Holders.
•Item 6. Significant Obligors of Pool Assets.
•Item 7. Change in Sponsor Interest in the Securities.
•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
3.2
4.1
10.1
10.2
10.3
*99.1


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:July 5, 2022DUKE ENERGY CAROLINAS NC STORM FUNDING LLC
(Issuing Entity)
By: Duke Energy Carolinas, LLC, as Servicer
By:/s/ Cynthia S. Lee
Cynthia S. Lee
Vice President, Chief Accounting Officer and Controller

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 CAROLINAS, LLC, as servicer (Servicer), and DUKE ENERGY CAROLINAS NC STORM FUNDING LLC, the Servicer does hereby certify, for the July 1, 2022, 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: December 1, 2021 to June 30, 2022
Payment Date: July 1, 2022
1.Collections Allocable and Aggregate Amounts Available for the Current Payment Date:
i.Remittances for theDecember 2021Collection Period$5,873.81 
ii.Remittances for theJanuary 2022Collection Period551,177.86 
iii.Remittances for theFebruary 2022Collection Period1,155,979.30 
iv.Remittances for theMarch 2022Collection Period1,764,766.16 
v.Remittances for theApril 2022Collection Period1,249,988.34 
vi.Remittances for theMay 2022Collection Period1,351,846.75 
vii.Remittances for theJune 2022Collection Period1,433,551.86 
viii.
ix.Investment Earnings on General Subaccount360.92 
x.Investment Earnings on Capital Subaccount1,157.13 
xi.Investment Earnings on Excess Funds Subaccount— 
xii.General Subaccount Balance (sum of i through xi above)$7,514,702.13 
xiii.Excess Funds Subaccount Balance as of prior Payment Date— 
xiv.Capital Subaccount Balance as of prior Payment Date1,186,050.00 

2.     Outstanding Amounts as of prior Payment Date:
i.Storm Recovery Series A2031Outstanding Amount$100,000,000.00 
ii.Storm Recovery Series A2041Outstanding Amount137,210,000.00 
iii.Aggregate Outstanding Amount of all Storm Recovery Bonds$237,210,000.00 

3.     Required Funding/Payments as of Current Payment Date:
PrincipalPrincipal Due
i.Storm Recovery Series A2031$4,538,012.00 
ii.Storm Recovery Series A2041— 
iii.All Storm Recovery Bonds
Interest
Interest RateDays in Interest PeriodPrincipal BalanceInterest Due
iv.Storm Recovery Series A20311.679 %212 $100,000,000.00 $1,012,064.00 
v.Storm Recovery Series A20412.617 %212 137,210,000.00 2,164,446.00 
vi.All Storm Recovery Bonds$3,176,510.00 
Required LevelFunding Required
vii.Capital Account$1,186,050.00 $— 


Exhibit 99.1
4.     Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture:
i.Trustee Fees and Expenses; Indemnity Amounts$— 
ii.Servicing Fee71,163.00 
iii.Administration Fee50,000.00 
iv.Operating Expenses41,961.70 
Storm Recovery BondsAggregatePer $1,000 of Original Principal Amount
v.Semi-Annual Interest (including any past-due for prior periods)$3,176,510.00 
1.Storm Recovery Series A2031$1,012,064.00 $10.12 
2.Storm Recovery Series A20412,164,446.00 15.77 
vi.Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date$— 
1.Storm Recovery Series A2031$— $— 
2.Storm Recovery Series A2041— — 
vii.Semi-Annual Principal$4,538,012.00 
1.Storm Recovery Series A2031$4,538,012.00 $45.38 
2.Storm Recovery Series A2041— — 
viii.Other unpaid Operating Expenses$— 
ix.Funding of Capital Subaccount (to required level)— 
x.Capital Subaccount Return to Duke Energy Carolinas18,623.36 
xi.Deposits to Excess Funds Subaccount — 
xii.Released to Issuer upon Retirement of all Series Bonds— 
xiii.Aggregate Remittances as of Current Payment Date$7,896,270.06 

5.    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 A2031$95,461,988.00 
ii.Storm Recovery Series A2041137,210,000.00 
vi.Aggregate Outstanding Amount of all Storm Recovery Bonds$232,671,988.00 
vii.Excess Funds Subaccount Balance— 
viii.Capital Subaccount Balances804,482.07 
ix.Aggregate Collection Account Balance$804,482.07 





Exhibit 99.1

6.    Subaccount Withdrawals as of Current Payment Date (if applicable, pursuant to Section 8.02(e) of Indenture):
i.Excess Funds Subaccount$— 
ii.Capital Subaccount381,567.93 
iii.Total Withdrawals$381,567.93 

7.    Shortfalls in Interest and Principal Payments as of Current Payment Date:
i.Semi-annual Interest
Storm Recovery Series A2031$— 
Storm Recovery Series A2041— 
Total$— 
ii.Semi-annual Principal
Storm Recovery Series A2031$— 
Storm Recovery Series A2041— 
Total$— 

8.    Shortfalls in Payment of Return on Invested Capital as of Current Payment Date:
i.Return on Invested Capital$— 

9.    Shortfalls in Required Subaccount Levels as of Current Payment Date:
i.Capital Subaccount$381,567.93 

Exhibit 99.1
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semi-Annual Servicer’s Certificate.
Date:June 22, 2022DUKE ENERGY CAROLINAS, LLC,
as Servicer
By:/s/ Nicholas Speros
Nicholas Speros
Director of Accounting


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