Hunton Andrews Kurth LLP acted as counsel to Duke Energy Carolinas, LLC (DEC), Duke Energy Progress, LLC (DEP) (with DEC the Utilities) and Duke Energy Carolinas NC Storm Funding II LLC, Duke Energy Progress NC Storm Funding II LLC, and Duke Energy Carolinas SC Storm Funding LLC (the Issuers) on three SEC-registered offerings of $1,604,133,000 ($582,089,000 for Duke Energy Carolinas NC Storm Funding II LLC, $460,646,000 for Duke Energy Progress NC Storm Funding II LLC, and $561,398,000 for Duke Energy Carolinas SC Storm Funding LLC) aggregate principal amount of Senior Secured Storm Recovery Bonds by the Issuers, each of whom are special purpose entities, wholly-owned by the respective utility, as sponsor, depositor and servicer. The Bonds were sold pursuant to financing orders issued by the North Carolina Utilities Commission and the Public Service Commission of South Carolina. The respective Bond proceeds were used by each issuer to purchase storm recovery property from the respective utility. In accordance with each financing order, each utility will use the proceeds from the sale of its storm recovery property to reimburse itself for previously-incurred storm recovery costs associated with Hurricanes Helene, Debby, and Ian for both Utilities and Winter Storm Izzy for DEC, including retirement of related debt.

The Hunton team included Michael F. Fitzpatrick, Adam O'Brian, Matt Hayes, and Catherine Bulger. Jason Harbour assisted with certain bankruptcy advice; Shawn Regan and Kate Perkins assisted with certain constitutional law matters; Hillary Peet Patterson, Emily Sanford, and Ave Grosenheider assisted with certain intercreditor matters; Bryon Mulligan assisted with certain North Carolina UCC matters, George Howell, Anna Page, Zachary Roop, and Sarah Colborn provided tax advice; and Leslie Okinaka provided ERISA advice.