<SEC-DOCUMENT>0001104659-21-118760.txt : 20210923
<SEC-HEADER>0001104659-21-118760.hdr.sgml : 20210923
<ACCEPTANCE-DATETIME>20210923154657
ACCESSION NUMBER:		0001104659-21-118760
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210923
DATE AS OF CHANGE:		20210923

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Duke Energy CORP
		CENTRAL INDEX KEY:			0001326160
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				202777218
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-233896
		FILM NUMBER:		211272515

	BUSINESS ADDRESS:	
		STREET 1:		550 SOUTH TRYON STREET
		STREET 2:		DEC45A
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
		BUSINESS PHONE:		980-373-9093

	MAIL ADDRESS:	
		STREET 1:		550 SOUTH TRYON STREET
		STREET 2:		DEC45A
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Duke Energy Holding Corp.
		DATE OF NAME CHANGE:	20050628

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Deer Holding Corp.
		DATE OF NAME CHANGE:	20050504

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Duke Energy CORP
		CENTRAL INDEX KEY:			0001326160
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				202777218
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		550 SOUTH TRYON STREET
		STREET 2:		DEC45A
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
		BUSINESS PHONE:		980-373-9093

	MAIL ADDRESS:	
		STREET 1:		550 SOUTH TRYON STREET
		STREET 2:		DEC45A
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Duke Energy Holding Corp.
		DATE OF NAME CHANGE:	20050628

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Deer Holding Corp.
		DATE OF NAME CHANGE:	20050504
</SEC-HEADER>
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<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2127747d2_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Filed pursuant to Rule 433</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>September 23, 2021</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Relating to</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Preliminary Prospectus Supplement dated September
23, 2021 to</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Prospectus dated September 23, 2019</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Registration Statement No. 333-233896</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Duke Energy Corporation<BR>
$500,000,000 3.250% Fixed-to-Fixed Reset Rate Junior Subordinated Debentures due 2082</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Pricing Term Sheet</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; width: 33%; border: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">Issuer:</TD>
    <TD STYLE="padding-left: 5pt; width: 67%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">Duke Energy Corporation (the &ldquo;<B>Issuer</B>&rdquo;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">Security Description:</TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">3.250% Fixed-to-Fixed Reset Rate Junior Subordinated Debentures due 2082 (the &ldquo;Debentures&rdquo;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">Registration Format:</TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">SEC Registered</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">Trade Date:</TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">September 23, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">Settlement Date:</TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">September 28, 2021 (T+3)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">Ratings (Moody&rsquo;s/S&amp;P)*:</TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">Baa3 (Stable)/ BBB- (Stable)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">Interest Payment Dates:</TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">Semi-annually in arrears on January 15 and July 15 of each year, commencing January 15, 2022, subject to deferral</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">Optional Deferral of Interest:</TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">Up to 10 consecutive years per deferral; deferred interest payments will accrue additional interest at an annual rate equal to the interest rate then applicable to the Debentures, as permitted by law.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">Principal Amount:</TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">$500,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">Maturity:</TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">January 15, 2082</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">Interest Rate:</TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">(i) from and including the date of original issuance to but excluding January 15, 2027 at an annual rate of 3.250% and (ii) from and including January 15, 2027 during each Interest Reset Period at an annual rate equal to the Five-Year Treasury Rate as of the most recent Reset Interest Determination Date, plus 2.321%.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">Interest Reset Date:</TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">January 15, 2027 and each date falling on the five-year anniversary of the preceding Interest Reset Date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">Denominations:</TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-bottom: 12pt">$2,000 and integral multiples of $1,000 in excess thereof</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-left: 5pt; width: 33%; padding-bottom: 12pt">Price to the Public:</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-left: 5pt; width: 67%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 12pt">100% per Debenture (plus accrued interest, if any, from September 28, 2021)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt; padding-left: 5pt">Over-allotment Option:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-bottom: 12pt">None</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt; padding-left: 5pt">Optional Redemption Provisions:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; padding-bottom: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt; padding-left: 0.25in">Par Call:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; padding-bottom: 12pt">In whole or in part, on one or more occasions, during any period from and including the October 15 immediately preceding an Interest Reset Date through and including such Interest Reset Date, in each case at 100% of their principal amount of the Debentures being redeemed, plus any accrued and unpaid interest thereon.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt; padding-left: 0.25in">Call for Tax Event:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; padding-bottom: 12pt">Following the occurrence of a Tax Event, in whole but not in part, at a redemption price equal to 100% of the principal amount of the Debentures being redeemed plus accrued and unpaid interest on the principal amount of such Debentures being redeemed to, but excluding, the date of such redemption.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt; padding-left: 0.25in">Call for Rating Agency <BR>
 &nbsp;Event:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-bottom: 12pt">Following the occurrence of a Rating Agency Event, in whole but not in part, at a redemption price equal to 102% of the principal amount of the Debentures being redeemed plus accrued and unpaid interest on the principal amount of such Debentures being redeemed to, but excluding, the date of such redemption.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt">CUSIP / ISIN:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-bottom: 12pt">26441C BP9 / US26441CBP95</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt">Joint Book-Running Managers:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-bottom: 12pt">Barclays Capital Inc.<BR>
Credit Suisse Securities (USA) LLC<BR>
Morgan Stanley &amp; Co. LLC<BR>
MUFG Securities Americas Inc.<BR>
Guggenheim Securities, LLC<BR>
RBC Capital Markets, LLC<BR>
Scotia Capital (USA) Inc.<BR>
SMBC Nikko Securities America, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 12pt">Co-Managers:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-bottom: 12pt">KeyBanc Capital Markets Inc.<BR>
CastleOak Securities, L.P.<BR>
Drexel Hamilton, LLC<BR>
R. Seelaus &amp; Co., LLC</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">*Note: A securities rating is not a recommendation to buy, sell or hold
securities and may be subject to revision, suspension or withdrawal at any time. Each credit rating should be evaluated independently
of any other credit rating.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Terms used herein but not defined herein shall have the respective
meanings as set forth in in the Issuer&rsquo;s Preliminary Prospectus Supplement dated September 23, 2021.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Issuer has filed a registration statement (including a prospectus)
with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration
statement and other documents the issuer has filed with the SEC for more complete information about the Issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC Web site at <U>www.sec.gov</U>. Alternatively, the Issuer, any underwriter
or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Barclays Capital Inc.
toll-free at (888) 603-5847, Credit Suisse Securities (USA) LLC toll-free at (800) 221-1037, Morgan Stanley &amp; Co. LLC toll-free at
(866) 718-1649 or MUFG Securities Americas Inc. toll-free at (877) 649-6848.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ANY DISCLAIMER OR OTHER NOTICE THAT MAY APPEAR
BELOW IS NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMER OR NOTICE WAS AUTOMATICALLY GENERATED AS A RESULT
OF THIS COMMUNICATION BEING SENT BY BLOOMBERG OR ANOTHER EMAIL SYSTEM.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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