Press Release

NCEMPA Credit Rating Affirmed by Bond Rating Agencies

Raleigh, NC, May 6, 2008 –Three credit rating agencies affirmed the credit rating of North Carolina Eastern Municipal Power Agency (NCEMPA) after a comprehensive update provided by the Power Agency. Moody’s Investor Services (Baa1), FitchRatings (BBB+) and Standard and Poors (BBB) all reaffirmed their ratings for the Agency.  Factors influential in the affirmation include NCEMPA’s stable financial position and its Participants well-diversified and growing customer base.

“We are extremely pleased that the rating agencies recognized the financial strength of NCEMPA,” said ElectriCities CEO Jesse C. Tilton, III. “The affirmation was made possible by the outstanding efforts of ElectriCities staff in assembling the presentation in a matter of weeks. We faced a specific challenge in responding quickly to the ramifications of the subprime mortgage market collapse to mitigate any negative consequences for the Power Agency. Our staff showed excellent teamwork in arising to meet the challenges quickly and effectively.  Indications are that the rating agencies’ opinions positively affected NCEMPA’s recent bond offering.”

ElectriCities of North Carolina, Inc. (ElectriCities), North Carolina Municipal Power Agency Number One (NCMPA1), North Carolina Eastern Municipal Power Agency (NCEMPA) - More than 70 North Carolina public power communities, municipally owned and operated electric systems, serve more than 500,000 residential, commercial and industrial customers in North Carolina. ElectriCities' members in NC, SC and VA serve more than one million customers. Most have been providing reliable electric service for 100 years or more. ElectriCities is the service organization that provides customer service and safety training, emergency and technical assistance, communications, government affairs and legal services to public power cities. ElectriCities provides management services to the states two municipal power agencies: NCMPA1 and NCEMPA. NCMPA1 has 19 member cities in the western part of North Carolina and NCEMPA has 32 member cities in eastern North Carolina. More information about ElectriCities, the power agencies and public power is available on the Internet at www.electricities.com or at www.ncpublicpower.com.

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