General Assembly Passes Power Bill Reduction Act, Heads to Governor’s Desk
Today, the North Carolina Senate passed Senate Bill 226, The Power Bill Reduction Act, on a XX-XX mostly party-line vote. The legislation now heads to Governor Stein’s desk for a signature or veto. The legislation passed the House on a 75-36 vote, with several Democrats joining Republicans to pass the legislation.
Here is what SB 226 does:
It eliminates the 70% reduction goal set for carbon dioxide emissions created through power generation by 2030.
It permits increases in base rates of electricity to finance the cost of construction work in progress outside of the general rate increase case, if the Utilities Commissions determines there is an overall savings for the customers.
Reforms the statutes governing fuel costs recovery and performance-based ratemaking.
Solidifies the authority for a public utility to securitize the costs of retirement of subcritical coal-fired electrical generating facilities.
Why This Matters: North Carolina is a growing state, and the current electrical generation plan limits the ability of the state to produce enough affordable electricity to meet demand. The changes the legislation provide a partial solution by reducing the regulatory burden on public utility companies.
What They Are Saying:
Speaker Destin Hall said, “The Power Bill Reduction Act: Ends Far-Left Energy Schemes, Saves $13 Billion, and Powers Jobs and Growth. We’re not going to let the Dems California our Carolina.”
"Our residents shouldn't be saddled with higher power bills to satisfy arbitrary targets," Senate Leader Phil Berger (R-Rockingham) said. "Senate Bill 266 ensures that North Carolina will have reliable energy at competitive prices to serve our citizens and businesses. Gov. Stein must sign this bill immediately."
"If our state wants to remain competitive globally, we need to take steps now to keep our energy sources reliable and least-cost," Sen. Tim Moffitt (R-Henderson) said. "By taking these proactive steps, our residents and job creators can confidently build a future here knowing that blackouts and astronomical bills won't plague North Carolina."
Sen. Buck Newton (R-Wilson) said, "We have a talented, well-educated workforce, and we must find ways to keep our state's cost-of-living down for them. With this bill, we're putting their needs ahead of the demands from far-left special interest groups."
