(Rocky Mount NC) Cities, Duke enter talks on sale of power plants – Rocky Mount Telegram

Representatives of the N.C. Eastern Municipal Power Agency and Duke Energy have begun negotiations for the sale of the municipal power agency’s ownership share of four power plants.

The deal is intended to cut power costs paid by homes and businesses in the more than 30 towns and cities that constitute the N.C. Eastern Municipal Power Agency, including Rocky Mount. The municipalities invested in the building of the power plants decades ago, only to see the costs – and their debt – escalate beyond projections, saddling the municipalities with high electric bills to help pay off the costs.

“This would be a great benefit to the citizens of Rocky Mount in reducing the current electric rates,” Rocky Mount City Manager Charles Penny said in a press release. “We will continue to monitor the discussions and keep the best interests of our citizens in mind.” (Source: Read more)

See related:

Breaking News: Butterfield Is Optimistic that Duke Energy Progress’s Move to Purchase NCEMPA Ownership Interest Will Result in Lower Utility Costs

NCEMPA

Breaking News: Butterfield Is Optimistic that Duke Energy Progress’s Move to Purchase NCEMPA Ownership Interest Will Result in Lower Utility Costs

 

 

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For Release:  Immediate     Date: February 3, 2014

Contact: Kezmiché “Kim” Atterbury                          Office:    (202) 225.3101

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Butterfield Is Optimistic that Duke Energy Progress’s Move to Purchase NCEMPA Ownership Interest Will Result in Lower Utility Costs

 

WASHINGTON, DC – Congressman G. K. Butterfield (NC-01) today released the following statement concerning Duke Energy Progress’s announcement that it is in discussions to buy the North Carolina Eastern Municipal Power Agency’s (NCEMPA) partial ownership of its plants:

 

“I’m pleased to learn that Duke Energy Progress is considering the purchase of a partial ownership interest in plants that provide energy to my congressional district.  The ratepayers in the cities served by NCEMPA have been burdened with high utility costs and trapped in a power deal that requires them to pay more than consumers in other communities.  I have worked tirelessly over the years to find a common sense solution to high utility cost and this announcement brings hope that a deal can be structured that will reduce the cost of utilities for families and businesses in eastern North Carolina.  The merger of Duke Power and Progress Energy results in a new corporate entity that should be capable of purchasing the assets of NCEMPA and restructuring the debt.

 

“I will support a common sense business arrangement that will substantially lower utility costs for consumers and will oppose it if it does not.

 

"I appreciate the willingness of Duke Energy Progress to begin these discussions and pledge to them my support for a meaningful reorganization.”

 

 

http://Butterfield.House.Gov

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Response: This would be great because Rocky Mount and other cities should be able to lower their utilities cost.