Enacts new GS 62-55 to provide that the North Carolina Utilities Commission (Commission) has oversight of the rates for electric service established and services furnished by a municipality. Includes a municipality that is a member of a joint municipal power agency under GS Chapter 159B that operates a municipal electric utility under GS 160A-311(1). Authorizes the Commission to consider the factors provided in GS 62-133 and GS 62-134 in determining whether the rates for electrical service are fair to the consumer and the municipality as operator of the electric utility. Provides that the Commission may issue orders to make necessary adjustments after a determination at a hearing as to whether the rates are just and reasonable. Also provides that the Commission may enter an order requiring changes and improvements if the Commission determines via a hearing that the service furnished by the municipal electric utility is inadequate. Makes conforming changes to GS 62-3(23)d, GS 62-15(d), GS 160A-312, and GS 160A-314.
Provides that this act only applies to the cities and towns in eastern North Carolina that comprise the North Carolina Eastern Municipal Power Agency (NCEMPA) on the date that this act becomes law.
Effective October 1, 2011, and applies to all rates for electric service established and all service provided by a NCEMPA member city or town on or after that date.