Bill Summary for S 720 (2013-2014)

Summary date: 

Apr 5 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
Senate Bill 720 (Public) Filed Tuesday, April 2, 2013
A BILL TO BE ENTITLED AN ACT PROVIDING THAT THE NORTH CAROLINA EASTERN MUNICIPAL ELECTRIC POWER AGENCY SHALL ACTIVELY ENGAGE IN NEGOTIATIONS TO SELL OR TRANSFER ITS ELECTRIC GENERATION ASSETS TO DUKE ENERGY OR ANOTHER INVESTOR-OWNED UTILITY AND SHALL ENGAGE IN NEGOTIATIONS WITH DUKE ENERGY FOR THE PURPOSE OF RENEGOTIATING ITS CONTRACTUAL OBLIGATIONS TO PURCHASE ELECTRICITY EXCLUSIVELY FROM DUKE ENERGY.
Intro. by Newton.

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Bill summary

Requires the North Carolina Eastern Municipal Electric Power Agency (NCEMPA) to 1) actively engage in negotiations with Duke Energy to transfer or sell its ownership interest in five specified electric generating assets to Duke Energy or another investor-owned utility, 2) actively seek to renegotiate its contracts with Duke Energy to eliminate or amend any requirements that NCEMPA exclusively purchase electric power from Duke Energy if such action would result in cost savings, and 3) submit the results of its efforts to the Utilities Commission and the Joint Legislative Commission on Governmental Operations no later than December 31, 2013.

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