Press Release

Jesse Tilton Announces Tim Tunis As Chief Financial Officer

Raleigh, NC, May 7, 2008 –Jesse C. Tilton, III, ElectriCities CEO, announced today that Tim Tunis has been named Chief Financial Officer. Tunis has worked with ElectriCities since 2005 as Manager of Accounting and Financial Reporting and most recently as Assistant Chief Financial Officer.  Tunis replaces longtime CFO Al Conyers, who will retire from the post in May after serving ElectriCities for nearly 30 years. Tunis’ appointment is effective May 23.

In his new position, Tunis will be responsible for the financial management of approximately $1 billion in annual electric revenues and an outstanding debt portfolio of approximately $4.2 billion, used to finance electric generating plant ownership. The CFO is also responsible for oversight of the Controller, Accounting, Financial Planning and Risk Management, Treasury, and Corporate Records functions.

“Tim was selected after an exhaustive assessment process that examined both internal and external candidates,” said Tilton. “After conducting numerous interviews, it was clear that Tim was the most qualified candidate for the job. Tim was instrumental in conducting recent rating agency presentations for both Power Agencies, resulting in a credit rating upgrade for NCMPA1, and the refunding of outstanding bonds for both NCMPA1 and NCEMPA currently in progress. During his time at ElectriCities, he has led several key initiatives to streamline operations, both in the Accounting Department and in the company as a whole. I am extremely pleased to have him join our executive management team and look forward to working with him in this new role.”  

Tunis has 20 years of experience in accounting and financial management for the utility industry. He holds a bachelor’s degree in accounting and a master’s in professional accountancy from West Virginia University and is a certified public accountant.

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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