Duke Energy CEO’s pay jumped to $21 million last year

The Watch Dog response: See ya’ll be focusing on the wrong thing! But when you are ignant to the facts like we all have been then you don’t know any better. So now you know.

Duke Energy says its top executive’s compensation has nearly doubled over the past two years.

The country’s No. 2 electricity company by total customers reported to shareholders that Chief Executive Officer Lynn Good was paid more than $21.4 million in 2017, an increase from $10.8 million in 2015.

The company’s proxy filing released Friday says Good’s base salary rose last year by about 4 percent to $1.3 million, but her stock awards shot up almost 90 percent to more than $17 million.

Duke Energy has 7.5 million customers in the Carolinas, Florida, Ohio, Indiana and Kentucky.

The Charlotte-based company won approval to raise prices on about half its North Carolina customers by 6 percent, and wants to increase rates on the rest of its largest market by 10 percent. (Read more)

Wilson Energy marks $13M in utility bill savings – Wilson Times

Wilson Energy customers have saved almost $13 million collectively in the 10 months since rates were reduced nearly 18 percent for residential customers as a result of the sale of assets to Duke Energy Progress.

“I am just proud of Wilson and pleased to do my part with the legislative delegation on their behalf,” said state Sen. Angela Bryant, D-Nash. “I don’t live there, so I’m not with the constituents on a daily basis as I am in Rocky Mount, but I’m hoping this savings is a big help across the community, particularly with the citizens who need the most help.”

Before Bryant headed to the General Assembly, she was a city councilwoman in Rocky Mount and served as a commissioner with the North Carolina Eastern Municipal Power Agency, where she worked to reduce utility costs in Wilson, Rocky Mount and the other 30 member cities. In recent years, she and Sen. Buck Newton, R-Wilson, sponsored legislation to pave the way for the asset sale to Duke. (Wilson Times) 

See related: ElectriCities

Duke Energy Progress Completes Purchase of NCEMPA Generation Assets

Alert from the Office of Senator Bryant


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Contact: Rebecca Agner, ElectriCities of North Carolina

Office: 919.760.6334


Contact: Jeff Brooks, Duke Energy

Office: 919.219.9215 | 24-Hour: 800.559.3853

Email: jeff.brooks2@duke-energy.com


July 31, 2015

Duke Energy Progress Completes Purchase of NCEMPA Generation Assets

§  NCEMPA generating assets purchased by Duke Energy Progress for
$1.25 billion

§  Purchase provides long-term fuel savings for Duke Energy Progress customers

§  Sale of assets will reduce NCEMPA outstanding debt by more than 70 percent

RALEIGHFollowing a year of regulatory reviews, approvals and legislative action, Duke Energy Progress and the North Carolina Eastern Municipal Power Agency (NCEMPA) today completed the approximately $1.25 billion sale of NCEMPA’s generating assets to Duke Energy Progress.

The agreement provides positive benefits to both Duke Energy Progress customers and NCEMPA members.

“This purchase will provide long-term fuel savings for Duke Energy Progress customers, and provide an important economic benefit to Eastern North Carolina,” said Paul Newton, Duke Energy president – North Carolina. “The agreement represents the best spirit of private and public sectors working together toward a common goal. I am very proud of what we have achieved for our respective customers and for the citizens of our state.”

“Today marks the beginning of a new day for NCEMPA member communities,” said Graham Edwards, ElectriCities CEO. “The asset sale and its rate impacts are the culmination of years of hard work by many people. We initially estimated this sale to take nearly two years to complete, yet were able to close months ahead of schedule. With the support of the General Assembly and the governor, as well as the diligent work of our members and Duke Energy Progress, the transaction is now complete.”

Prior to the sale, NCEMPA maintained partial ownership interest in several Duke Energy Progress plants, including Brunswick Nuclear Plant Units 1 and 2 (Brunswick County), Mayo Plant (Person County), Roxboro Plant Unit 4 (Person County) and the Harris Nuclear Plant (Wake County).

NCEMPA’s ownership interest in these plants represented approximately 700 megawatts of generating capacity. 

The $1.25 billion purchase price includes NCEMPA’s ownership interest in the plants, fuel inventories, and spare parts as well as certain adjustments set forth in the asset purchase agreement.

NCEMPA members’ distribution assets are not part of the agreement, and will continue to be owned and maintained by those members.

Under the terms of the agreement, Duke Energy Progress and NCEMPA have entered into a 30-year wholesale power supply agreement to continue meeting the needs of NCEMPA customers previously served by the agency’s interest in Duke Energy Progress’ plants. Power sales under this supply agreement commenced immediately upon closing.

Duke Energy Progress and NCEMPA first announced the agreement on July 28, 2014. Completion of the transaction required regulatory action by the Federal Energy Regulatory Commission, Nuclear Regulatory Commission, and N.C. Utilities Commission.

On April 2, 2015, legislation was signed that provided a means for Duke Energy Progress to finance the full cost of the asset acquisition. NCEMPA received legislative approval to refinance its remaining debt obligations after the completion of this transaction.

Sen. Angela Bryant says,”I am so proud to have been a part of this historic effort to transform the energy future of our region and state and to help secure energy affordability and successful economic development for our communities.  Thanks to Duke Progress, Electricities, all our town and city boards and staffs and the NCEMPA Board and staff and our legislative delegation for the hard work on the agreement.”

The agreement also required the approval of NCEMPA’s 32 member utilities.

About North Carolina Eastern Municipal Power Agency

NCEMPA consists of 32 cities and towns in eastern North Carolina, including some of the largest cities in the region. NCEMPA participants own and operate their electric systems and serve nearly 270,000 retail customers. NCEMPA was formed in 1978 and is managed by ElectriCities of North Carolina, headquartered in Raleigh.

About Duke Energy Progress

Duke Energy Progress, a subsidiary of Duke Energy (NYSE: DUK), provides electricity and related services to nearly 1.5 million customers in North Carolina and South Carolina. The utility is headquartered in Raleigh, N.C., and serves a territory encompassing more than 34,000 square miles including the cities of Raleigh, Wilmington and Asheville in North Carolina and Florence and Sumter in South Carolina. More information is available at http://www.duke-energy.com.

Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at: http://www.duke-energy.com


Hurdle cleared in utility sale – Rocky Mount Telegram

The Political Agitator’s response: I am so glad to have been a part of finding out about ElectriCities back in the early 2000’s. Carol Batchelor, Lewis Turner, Andre Knight, myself and a couple of others in our group held a meeting at Truth Tabernacle and this is when we found out there was such a thing as ElectriCities. After that time there were a series of meetings held as we learned more about ElectriCities. Thanks to former Rocky Mount City Councilwoman now Senator Angela Bryant and especially Rocky Mount City Councilman Andre Knight who replaced Bryant on the NCEMPA North Carolina Eastern Municipality Power Agency Board where Knight fought hard dealing with trying to lowering of the light bill. Now we didn’t see the merger coming to help with accomplishing mission of lowering the utilities.

ElectriCities has jumped another hurdle in the race to lower power rates for Rocky Mount, Tarboro and other Eastern North Carolina municipalities.

In order for an energy asset sale to Duke Progress Energy to be finalized and electric rates to drop all 32 members of ElectriCities’ N.C. Eastern Municipal Power Agency had to sign off on the deal.

Rocky Mount approved the sale May 11. Tarboro approved the sale June 1. The final municipality approved the deal late last week.

“This marks another major milestone towards the completion of the transaction,” said David Barnes, chief legal officer for ElectriCities.

The asset sale was enacted by the N.C. General Assembly and signed by Gov. Pat McCrory in April.

The asset sale and approval of bond issuance to lower debt had overwhelming support from the municipalities anxious to close the transaction and the lower wholesale costs, Barnes said. (Source: Read more)

Duke deal could spur development – Rocky Mount Telegram

The potential agreement between Duke Energy Progress and the N.C. Eastern Municipal Power Agency could spur economic development in the area, local officials said.

According to Monday’s announcement, the deal is likely to reduce rates for the city’s 27,000 electric customers. The full extent of the impact is yet to be determined, but approval of the deal is set to be completed by the end of 2016. The Federal Energy Regulatory Commission and N.C. Utilities Commission must still approve the deal.

In the proposed deal, Duke Energy Progress agreed to pay $1.2 billion for N.C. Eastern Municipal Power Agency’s generating assets in five facilities as well as fuel inventories and spare parts. (Source: Read more)

Wilson NC: $1.2 billion deal would cut NCEMPA debt 70 percent to about $480 million – Wilson Times

N.C. Eastern Municipal Power Agency and Duke Energy Progress agreed to a $1.2 billion deal officials believe could lead to lower electric bills for residential and business customers in the 32 cities and towns NCEMPA serves in eastern North Carolina.

The potentially landmark agreement would substantially reduce but not completely wipe out the much-publicized debt that’s driven up electric bills throughout the region.

The announcement came down Monday morning that both companies’ boards had signed off on a pact for Duke Energy to purchase NCEMPA’s generating assets.

"This is a big deal, in both size and impact,” said Grant W. Goings, Wilson city manager and member of the Electricities Board of Directors. "It is too early to project a specific rate decrease. We do not know exactly what our wholesale rates will be and NCEMPA has not yet determined how the remaining debt burden will be distributed among the 32 members.” (Source: Read More)

Duke deal could lower power bills in eastern NC towns – WRAL

The Political Agitator response: I remember when the Northeastern NC Committee on the Affairs of Black People which consisted of Carol Batchelor, Lewis Turner, Andre Knight, myself and a few others had a community meeting about the utilities at Truth Tabernacle back in 1999 or early 2000’s. This is when we found out about there was such a thing called ElectriCities. The fight began at that time to do something about the high utility rates. Andre Knight went on to become a Rocky Mount City Councilman and also began serving on NCEMPA Board North Carolina Eastern Municipal Power Agency after former Rocky Mount City Councilwoman and former NCEMPA board member Angela Bryant moved on to become a House of Representative and now a current Senator. Knight played a strong role in challenging ElectriCities to do something about the high utilities in the 32 cities. Rocky Mount lead a lawsuit and a couple cities started out with them but eventually backed out. Rocky Mount Councilman and NCEMPA board member Andre Knight was responsible for stopping former Tarboro Town Manager Sam Nobles from receiving $1500 a month to chair the NCEMPA board meetings while the other board members received nothing but a free meal from Parkers if they chose to go there after the meetings held in Wilson. Don’t want to leave out that we also played a role in the Common Ground meetings under the direction of now Councilwoman Chris Miller leadership as there were several meetings held about utilities.

Raleigh, N.C. — A Duke Energy unit has agreed to buy out the North Carolina Eastern Municipal Power Agency’s interests in power plants formerly owned by Progress Energy for $1.2 billion, officials said Monday.

NCEMPA has partial ownership interests in several plants, including the Shearon Harris Nuclear Plant in Wake County, the Brunswick Nuclear Plant Units 1 and 2 in Brunswick County and the Mayo Plant Unit 1 and Roxboro Plant Unit 4, both in Person County.

Thirty-two municipalities belong to NCEMPA, including Apex, Wake Forest, Louisburg, Clayton, Smithfield, Rocky Mount and Wilson, and customers have complained for years about high electric rates because of they are still paying off debt incurred from building the power plants. (Source: Read more)