RALEIGH: Duke Energy may buy NC city shares of power agency - WNCT

Duke Energy may buy NC city shares of power agency

Posted: Updated:
RALEIGH, N.C. -

Duke Energy is negotiating to buy ownership in nuclear and coal-burning electric power plants that have saddled more than 30 eastern North Carolina municipalities with high electric bills to pay off construction costs, the nation's largest electric company said Monday.

Duke Energy said an operating subsidiary is negotiating with the North Carolina Eastern Municipal Power Agency about buying out its share of power plants previously shared with the former Progress Energy. Duke Energy bought Progress Energy in 2012.

The municipal agency has partial ownership interests in the Shearon Harris Nuclear Plant in Wake County, the Brunswick Nuclear Plant in Brunswick County and the two coal-burning power plants in Person County.

A deal is intended to cut power costs paid by homes and businesses in the more than 30 eastern North Carolina municipalities including Greenville, Rocky Mount, Wilson, Lumberton and Elizabeth City that invested in the plants, said Rebecca Agner, a spokeswoman ElectriCities of North Carolina, the trade association that manages the municipal power agency.

"We do expect that if this sale was complete, that the participants would immediately be more cost-competitive," Agner said.

Duke Energy said in a statement any deal would take months to negotiate and gain regulatory approval. Duke Energy last week ended its bid to buy up to 10 percent of a South Carolina nuclear power plant from that state's publically owned utility after more than two years of negotiations. Santee Cooper instead sold part of its stake in the V.C. Summer Nuclear Station to SCANA Corp. for about $500 million.

The cities invested decades ago into building the power plants only to see costs — and their debt — escalate beyond projections. The average monthly residential electric bill for people living in the cities accountable for the debt was about a third higher than similar Progress Energy customers in 2012, according to ElectriCities.

If Duke Energy and the municipal agency reach a deal, the two entities would sign a wholesale power contract to supplying electricity to the 270,000 customers who get their electricity from NCEMPA.

  • North Carolina NewsMore>>

  • NC strawberry growers expect strong season

    NC strawberry growers expect strong season

    Thursday, April 24 2014 6:18 AM EDT2014-04-24 10:18:54 GMT
    North Carolina strawberry growers are expecting a strong season despite the late spell of cold weather.
    North Carolina strawberry growers are expecting a strong season despite the late spell of cold weather.
  • NC GOP Senate candidates face off as early voting begins

    NC GOP Senate candidates face off as early voting begins

    Wednesday, April 23 2014 11:15 PM EDT2014-04-24 03:15:49 GMT
    The four top-polling Republican Senate candidates, vying to unseat Democrat Kay Hagan, debated on Wednesday night in Raleigh, the night before early voting was set to begin. The primary is May 6, but voters can start heading to the polls on Thursday.During the half hour televised debate, State House of Representatives Speaker Thom Tillis of Charlotte said he was leading a conservative revolution in Raleigh, cutting regulations and taking credit for falling unemployment numbers. Tillis faces c...
    The four top-polling Republican Senate candidates, vying to unseat Democrat Kay Hagan, debated on Wednesday night in Raleigh, the night before early voting was set to begin. The primary is May 6, but voters can start heading to the polls on Thursday.During the half hour televised debate, State House of Representatives Speaker Thom Tillis of Charlotte said he was leading a conservative revolution in Raleigh, cutting regulations and taking credit for falling unemployment numbers. Tillis faces c...
  • NC judge to rule against teacher tenure state law

    NC judge to rule against teacher tenure state law

    Wednesday, April 23 2014 7:18 PM EDT2014-04-23 23:18:26 GMT
    A Guilford County judge is backing two school districts fighting a North Carolina law that phases out job protections for public school teachers in favor of employment contracts.
    A Guilford County judge is backing two school districts fighting a North Carolina law that phases out job protections for public school teachers in favor of employment contracts.
  • Most Popular StoriesMost Popular StoriesMore>>

  • Mom bites off dog's ear to save daughter during attack

    Mom bites off dog's ear to save daughter during attack

    Tuesday, April 22 2014 2:49 PM EDT2014-04-22 18:49:19 GMT
    Image from CNN/KHOU-TVImage from CNN/KHOU-TV
    In a backyard in Alvin, swings a very lucky girl. Her name is Mackenzi Plass, or Kenzi for short, and she survived a dog attack and has undergone several surgeries."She'll be two and a half in May," said her very proud mother Chelsi Camp. "She's doing great. You wouldn't know it if you couldn't see."Mackenzi has scars on her face after the ordeal just weeks ago that put her mother's animal instincts to the test."You do whatever you can," said Camp. "I don't have physical strength at my side."...
    In a backyard in Alvin, swings a very lucky girl. Her name is Mackenzi Plass, or Kenzi for short, and she survived a dog attack and has undergone several surgeries."She'll be two and a half in May," said her very proud mother Chelsi Camp. "She's doing great. You wouldn't know it if you couldn't see."Mackenzi has scars on her face after the ordeal just weeks ago that put her mother's animal instincts to the test."You do whatever you can," said Camp. "I don't have physical strength at my side."...
  • Owner of Raleigh 'Party Mansion' guilty of tax evasion

    Owner of Raleigh 'Party Mansion' guilty of tax evasion

    Monday, April 14 2014 4:07 PM EDT2014-04-14 20:07:04 GMT
    Claude Verbal II, who now lives in Miami, pleads guilty to a number of federal tax evasion charges.
    Claude Verbal II, who now lives in Miami, pleads guilty to a number of federal tax evasion charges.
  • Piedmont Farm Tour

    Piedmont Farm Tour

    Piedmont Farm Tour

    Wednesday, April 23 2014 12:25 PM EDT2014-04-23 16:25:38 GMT
    The 2014 Piedmont Farm Tour is happening April 26-27 from 2-6pm both days! Come learn about the Triangle’s local and organic farm food scene. Meet local farmers tour their farms!View ourGoogle Interactive Mapfor alist ofthe exceptional farms on the tour this year – with driving directions!Download a PDF of theFarm Tour Brochure - Farm tour maps, directions and descriptions of all the fun things to do at each farm! How to Take the Piedmont Farm Tour Load up a car with your friends andfamily...
    The 2014 Piedmont Farm Tour is happening April 26-27 from 2-6pm both days! Come learn about the Triangle’s local and organic farm food scene. Meet local farmers tour their farms!View ourGoogle Interactive Mapfor alist ofthe exceptional farms on the tour this year – with driving directions!Download a PDF of theFarm Tour Brochure - Farm tour maps, directions and descriptions of all the fun things to do at each farm! How to Take the Piedmont Farm Tour Load up a car with your friends andfamily...
Powered by WorldNow

3221 South Evans Street
Greenville N.C. 27834

Telephone: 252.355.8500
Fax: 252.355.8568
Email: newsdesk@wnct.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.