TO PROHIBIT THE MERGER OF DUKE ENERGY AND PROGRESS ENERGY WITHOUT THE PROVISION OF RELIEF TO THE MUNICIPAL POWER AGENCIES.
Enacts new subsection (a1) to GS 62-111 (concerning public utilities mergers) to prohibit the NC Utilities Commission from approving a merger of a public utility owning an electric generation facility in which a municipal power agency owns an interest until (1) the debt incurred by the municipal power agency to purchase the interest is retired or (2) the sale of the interest, whichever occurs first. Enacts new subsection (b2) to GS 62-302 to impose an additional fee of 25% of the regulatory fee imposed under GS 62-302(a) for the first two years after the merger of two public utilities is approved.
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