Electric rate relief won’t come immediately and, in fact, could take between 18 and 24 months and include running a gauntlet of regulatory agencies as well as the state governments of both North and South Carolina, but it could come.
That’s because Duke Energy Progress and the North Carolina Eastern Municipal Power Agency (NCEMPA) have entered into exclusive discussions regarding the potential purchase by Duke Energy Progress of NCEMPA's ownership in certain generating assets.
The NCEMPA (more commonly known as Electricities) maintains partial ownership interests in several Duke Energy Progress plants, including Brunswick Nuclear Plant Units 1 and 2, Mayo Plant, Roxboro Plant Unit 4 and the Harris Nuclear Plant.
NCEMPA ownership in these plants represents around 700 megawatts of generating capacity. NCEMPA members' distribution assets are not part of these discussions.
“We would continue to own and operate our distribution system, just as we currently do,” Tarboro Town Manager Alan Thornton explained.
If a potential agreement is reached, Duke Energy Progress and NCEMPA will enter into a wholesale power contract to continue meeting the needs of NCEMPA customers currently served by the Power Agency's interest in Duke Energy Progress' plants.
For the complete story, see today's print edition of The Daily Southerner.