Quick Facts About NCEMPA Debt & Wholesale Electric Rates in Eastern North Carolina
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1 Quick Facts About NCEMPA Debt & Wholesale Electric Rates in Eastern North Carolina The History Behind NCEMPA s Debt: Construction of Shearon Harris Nuclear Plant Cost Was Significantly Higher Than Original Projections The NC Eastern Municipal Power Agency (NCEMPA), comprised of 32 cities in eastern North Carolina, purchased a minority ownership in five CP&L plants in Construction costs for the Shearon Harris nuclear plant were significantly higher than originally projected. As a result, the cost of energy from Shearon Harris is more than double the anticipated cost. These higher costs, combined with record-high interest rates and a decline in projected load growth, left power agency members with a large debt that continues to impact electric rates today. The Impact on Electric Rates: 38% of NCEMPA s Wholesale Rates Goes Toward Debt The outstanding debt (approximately $2.25 billion) is the single largest factor impacting NCEMPA s wholesale electric rates. Debt payments account for 38% of NCEMPA s wholesale rates. When the debt is paid off on January 1, 2026, NCEMPA is projected to have lower wholesale rates than other regional power providers. NCEMPA Has Reduced Debt by $1.3 Billion NCEMPA has taken many proactive steps to reduce the debt, which has declined by more than $1.3 billion since By taking advantage of multiple debt refunding opportunities, NCEMPA has lowered the average interest rate from 12.2% (1983) to 5.4% (2011) and improved its credit ratings to save millions of dollars a year. A recent example: In 2010, NCEMPA refinanced $146 million in debt at 3.01% interest, a move that will save NCEMPA $35 million over the next 12 years. Despite such refinancings, debt has not been extended past its original term. With the recent decline in interest rates, NCEMPA is once again exploring potential refunding opportunities, including the potential to provide short-term rate relief by restructuring and extending the debt beyond However, short-term benefits generally come at the expense of higher debt service costs over the long term. How NCEMPA is Controlling Costs NCEMPA continually looks for ways to improve its financial position by reducing costs. These efforts include renegotiating terms and conditions of power supply agreements; participating in demand-side management programs that save NCEMPA members more than $40 million a year; and other cost-control measures designed to reduce operating expenses and control costs. The total cost of services provided by ElectriCities accounts for approximately 1.4% of the NCEMPA budget. The Sale of NCEMPA Assets: Not Likely At This Time NCEMPA has carefully evaluated various opportunities to sell assets. In an August 2010 letter, Progress Energy CEO Bill Johnson stated that it is not interested in purchasing the NCEMPA ownership at this time. Comparing Electric Rates: Progress Energy Customers Pay About $1 Less Per Day The average residential electric bill in NCEMPA member cities is $136/month (based on average consumption). By comparison, the average power bill for Progress Energy residential customers is $104/month. That means Progress Energy customers pay about one dollar less per day for energy than people who live in NCEMPA cities. The average residential power bill in North Carolina is $100/month, and the national average is $115/month. Nationally, average residential power bills range from $76/month (North Dakota) to $242/month (Hawaii). NCEMPA Members Adopt and Approve Wholesale Rates Representatives from the 32 member cities are responsible for determining NCEMPA s wholesale electric rates. The rates are set by the ElectriCities Board of Directors and approved by the NCEMPA Board of Commissioners. These boards must also approve debt restructuring and refinancing activities. Each individual city is responsible for setting its own residential, commercial and industrial rates.
2 A History Lesson: Why NC Municipalities Invested in Power Generation 100 Years of North Carolina Public Power North Carolina municipalities have been in the power business for more than 100 years. These cities originally generated their own power, then began purchasing wholesale energy from investor-owned utilities when economies of scale favored the construction of larger generating facilities. The 1970s Energy Crisis: Wholesale Rates Increase 243% In the 1970s, the demand for energy increased rapidly and wholesale power rates skyrocketed. CP&L s wholesale rates increased 243% from Investor-owned utilities were in deep financial trouble and could not raise the money they needed to build new power plants to meet the demand. Blackouts were predicted, and municipalities feared they would not have a reliable source of electricity. Cities Lobby For Change: Widespread Support Leads to Creation of Municipal Power Agencies Cities began lobbying the NC General Assembly for permission to buy their own power generation. Legislation was passed in 1975 providing for creation of the power agencies, and a constitutional amendment was passed in 1977 allowing cities to jointly own generation with investorowned utilities. These efforts had the support of Gov. Hunt, the legislature, the State Treasurer, the cities, the voters and the NC Utilities Commission. Cities Purchase Generation The power agencies entered into agreements with Duke and CP&L to purchase ownership of power plants. NCEMPA purchased a minority ownership in five CP&L plants in 1982, including the Shearon Harris nuclear plant then under construction. For the first time in modern North Carolina, you re seeing the two largest power companies in the state not being able to say to an industrial prospect, Yes, come any time you want and anywhere you want, and we ll have power for you. Sherwood Smith CP&L October 1981 Shearon Harris Cost Overruns: Plant Construction Cost Significantly More Than Projected The cost to build a single unit at the Shearon Harris plant was significantly higher than the original cost estimates to build all four units, due in part to new government regulations stemming from the Three Mile Island nuclear accident. As a result, the cost of energy generated by the Shearon Harris Plant is more than double the anticipated cost. These higher costs combined with a decline in projected load growth, the cancellation of future nuclear projects and sky-high interest rates created a perfect storm that left power agency members with a disproportionate share of expensive nuclear generation. By contrast, Progress Energy and Duke Energy benefit from a more balanced portfolio of generation assets, including less expensive sources of energy, and a much larger customer base that can absorb construction costs. Looking Back: Power Agencies Helped Stabilize Power Industry The creation of the power agencies played an important role in helping investor-owned utilities complete their construction projects. Statewide blackouts were avoided. Cities secured reliable power sources to support economic development efforts. Cities avoided the exorbitant, unpredictable wholesale rate increases of the 1970s.
3 Quick Facts About Electric Rates Wholesale Electric Rates Are Set by Representatives from Member Cities The Board of Directors, comprised of 16 representatives from member cities, is responsible for setting wholesale power rates for each power agency. The rates must then be approved by the Board of Commissioners for each power agency. Each member city in eastern North Carolina is represented on the NCEMPA Board of Commissioners. 38% of NCEMPA s Wholesale Rates Goes Toward Debt Payments The outstanding debt (approximately $2.25 billion) is the single largest factor impacting NCEMPA s wholesale electric rates. Debt payments account for 38% of NCEMPA s wholesale rates. When the debt is paid off on January 1, 2026, NCEMPA is projected to have lower wholesale rates than other regional power providers. Residential Electric Rates Are Set by Each City Neither ElectriCities nor NCEMPA sets residential electric rates. These rates are set by each member city. Members pay a wholesale rate (the average wholesale rate for NCEMPA members is 9.5 cents per kilowatt hour) and use that as a basis for determining its residential, commercial and industrial rates. The rates incorporate additional costs that the cities incur to deliver the power the cost of local crews, maintenance and repairs to the distribution system, billing and customer service functions, etc. Residential rates for NCEMPA members average 13.6 cents. Comparing Average Monthly Power Bills National Average: $115 North Carolina Average: $100 Progress Energy: $104 NCEMPA Member Cities: $136 Based on average consumption of 1,000 kwh/month Comparing Electric Rates: Progress Energy Customers Pay About $1 Less Per Day The average residential electric bill in NCEMPA member cities is $136/month (based on average consumption). By comparison, the average power bill for Progress Energy customers is $104/month. That means Progress Energy customers pay about one dollar less per day for energy than people who live in NCEMPA cities. The average power bill in North Carolina is $100/month, and the national average is $115/month. Nationally, average power bills range from $76/month (North Dakota) to $242/month (Hawaii).
4 North Carolina Eastern Municipal Power Agency Comparing Residential Electric Bills Based on average consumption of 1000 kilowatt hours
5 National Residential Electric Rates All prices per kilowatt hour Source: Energy Information Administration National Average 11.5 cents North Carolina Average NCEMPA NCMPA1 Progress Energy Duke Energy 10 cents 13.6 cents 10.2 cents 10.4 cents 8.2 cents
6 NCEMPA Debt Responsibility by Power Agency Participants Total Debt: $2,254,510,000 (as of January 2, 2011) City Percentage Debt Responsibility Apex % $15,907,823 Ayden 1.134% $25,566,143 Belhaven 0.409% $9,220,946 Benson % $13,015,286 Clayton % $16,791,590 Edenton % $35,984,234 Elizabeth City 4.251% $95,839,220 Farmville % $29,085,434 Fremont % $6,903,310 Greenville % $363,749,407 Hamilton % $1,765,281 Hertford % $9,297,599 Hobgood % $2,058,368 Hookerton 0.155% $3,494,491 Kinston % $195,416,418 La Grange % $11,304,113 Laurinburg % $51,121,014 Louisburg % $19,336,932 Lumberton % $116,260,572 New Bern % $143,558,179 Pikeville % $4,612,727 Red Springs % $13,071,649 Robersonville % $11,421,348 Rocky Mount % $361,307,773 Scotland Neck % $12,990,487 Selma % $18,266,040 Smithfield % $45,216,453 Southport % $16,094,947 Tarboro % $106,924,646 Wake Forest % $16,372,252 Washington 5.892% $132,835,729 Wilson % $349,719,591
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