Deregulation

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The Status of Deregulation in North Carolina

North Carolina has determined not to move forward with deregulating its electric industry. The Study Commission on the Future of Electric Service in North Carolina, which has been studying electric service choice since 1997, decided in February 2002 to delay any action for the foreseeable future. The study commission has not met and does not plan to meet at this time

ElectriCities' Board of Directors' Position on Deregulation

ElectriCities previously endorsed deregulation because it was felt that all the state’s electric consumers would benefit, and it provided a mechanism to fairly deal with the disparate rates and debt obligation among the ElectriCities members.

Because of events nationally, it now appears that the impact of deregulation on North Carolina consumers would be uncertain, and for this reason legislative action on this subject should not proceed at this time.

The Study Commission on the Future of Electric Service in North Carolina should conduct further studies as to the actual impact of deregulation on all segments of consumers before legislation proceeds.

If the Study Commission determines at a future date that North Carolina consumers will benefit from deregulation, the ElectriCities issue must also be addressed in a fashion which is fair to the participating cities, their customers, the other consumers in North Carolina, and in a way which fulfills the covenants of the General Assembly to the Municipal Power Agency bondholders. Meanwhile, absent deregulation, ElectriCities believes its cities can fulfill their obligations to bondholders and others under present conditions pending the outcome of the recommended study and deliberations.

The position has been unanimously adopted by the ElectriCities Board of Directors representing the 72 electric cities in North Carolina.

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