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)

Advertisements

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)

Sale of power plants raises hopes for lower electric rates – Rocky Mount Telegram

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 the 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.

While the full extent of the local impact is yet to be determined, Rocky Mount officials were thrilled about a deal that is likely to reduce rates for the city’s 27,000 electric customers.

“It is encouraging, but we are cautiously optimistic because all the I’s have to be dotted and the T’s have to be crossed before the deal is final,” Rocky Mount City Manager Charles Penny said. “We are one step closer and I hope our rate payers are encouraged because if this goes through, they should benefit.”

According to a Monday morning announcement, 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. Rocky Mount is among 32 cities in the Power Agency that took on $3.6 billion in debt to build nuclear power plants and whose customers have worked to pay down that debt to about $1.9 billion during the past three decades. (Source: Read more)

Duke Energy, NCEMPA deal imminent? Wilson Times

The potential sale of N.C. Eastern Municipal Power Agency electric generation assets to Duke Energy Progress could be announced soon.

Graham Edwards, chief executive officer of ElectriCities, said in May that a purchase offer could be made as early as July or soon thereafter. No announcement was made during NCEMPA’s Wednesday meeting in Wilson.

Grant Goings, Wilson city manager and member of the Electricities Board of Directors, said that a deal could be forthcoming and continues to speak well of the possible sale that could lead to lower Wilson Energy electric rates.

"Negotiations are continuing and we hope to finalize the deal very soon,” Goings said. "I truly believe the parties are going to reach a deal but there still will remain some regulatory and legislative hurdles to clear. Our city council is on record supporting these negotiations and we will do everything we can to see an outcome that benefits our customers and our community.” (Source: Read more)

Duke Energy offers to buy public power plants – Rocky Mount Telegram

The Political Agitator response: I too agree:Knight said Tuesday he believes Rocky Mount’s legal challenge helped bring Duke Energy to the table.” Knight has played a major role in trying to bring about a change as it relates to N.C.E.M.P.A. I remember back in the early 2000’s when Carol Batchelor, Lewis Turner, Andre Knight, myself and a couple of others had a utilities meeting at Truth Tabernacle. After inviting city utilities department to the meeting it was then when we found out about ElectriCities. Therefore Knight has been working on this issue long before becoming a Rocky Mount City Councilman and a member of the NAACP. It has been my belief that the Goodmaster has been putting Knight in the right place at the right time to help move Rocky Mount forward inspite of the naysayers. Although some do not like his style, it is obvious that his main concern is to “hope somebody” as he has always said that it is all about the elderly.

Duke Energy has made a formal offer to purchase the power plant assets of an agency representing Rocky Mount, giving officials hope that electric rates might be reduced in the coming years.

Graham Edwards, CEO of Electri-Cities that represents the N.C. Eastern Municipal Power Agency, said Tuesday that he could not reveal the dollar amount of Duke’s offer but said it would be discussed in closed session with the power agency’s board next Wednesday in Wilson.

The agency consists of 32 cities and towns in Eastern North Carolina, including Rocky Mount, which own and operate their electric systems. The agency provides wholesale power to its 32 participants. The power agency’s electric rates are 7 percent to 35 percent higher than Duke Energy. (Source: Read more)

See related:

NCEMPA

ElectriCities

(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