Material Event (Form 8-K)

On September 23, 2025, Duke Energy Progress, LLC (the "Utility") and Duke Energy Progress NC Storm Funding II LLC (the "Issuing Entity") entered into an Underwriting Agreement (the "Underwriting Agreement") with RBC Capital Markets, LLC and Barclays Capital Inc. as representatives of the underwriters with respect to the purchase and sale of $460,646,000 of Series A Senior Secured Storm Recovery Bonds (the "Storm Recovery Bonds"), to be issued by the Issuing Entity pursuant to an Indenture by and among the Issuing Entity and U.S. Bank Trust Company, National Association, as Indenture Trustee, and U.S. Bank National Association, as Securities Intermediary and Account Bank, to be dated as of September 30, 2025 as supplemented by the Series Supplement to be dated as of September 30, 2025 (together, the "Indenture"), which are annexed hereto as Exhibits 4.1 and 4.2, respectively, to this Current Report on Form 8-K. The Storm Recovery Bonds were offered pursuant to the prospectus dated September 23, 2025 (the "Prospectus"). In connection with the issuance of the Storm Recovery Bonds, the Utility and the Issuing Entity also expect to enter into a Storm Recovery Property Servicing Agreement, Storm Recovery Property Purchase and Sale Agreement, Administration Agreement, Intercreditor Agreement and Joinder to an existing amended and restated intercreditor agreement, dated December 20, 2013, which together with the Underwriting Agreement, are annexed hereto as Exhibits 10.1, 10.2, 10.3, 10.4 and 10.5, respectively, to this Current Report on 8-K.

Additionally, effective as of September 22, 2025, the Issuing Entity adopted an Amended and Restated Limited Liability Company Agreement (the "A&R LLC Agreement") in connection with the issuance of the Storm Recovery Bonds. The A&R LLC Agreement, which is described in the Prospectus, was previously approved by the Utility, the sole member of the Issuing Entity. The description of the A&R LLC Agreement in the Prospectus is not complete and is qualified in its entirety by reference to the full text of the A&R LLC Agreement, which is annexed hereto as Exhibit 3.2 to this Current Report on Form 8-K and is incorporated by reference herein.