Creates the 16 member Municipal Electric Power Study Commission (Commission) to study electric rates charged and service provided by the towns and cities in eastern NC that own an electric utility and are members of the NC Eastern Municipal Power Agency. Sets forth details on Commission members, meeting guidelines, and additional Commission administration. Directs the Commission to submit a final report, including any proposed legislation, to the 2012 Regular Session of the 2011 General Assembly, and to terminate upon the earlier of the report filing or the 2012 session convening.