Sen. Berger Files Bill to Keep Energy Costs Down for North Carolinians
Senate Bill 261 prioritizes energy cost-saving measures
Sen. Berger: 'North Carolinians shouldn't be saddled with the increased costs created by arbitrary benchmarks'
Raleigh, N.C. – Senate Leader Phil Berger (R-Rockingham) filed a bill to prioritize energy cost-saving measures and create a new cost-recovery framework to help keep energy more affordable for families and businesses. Senate Bill 261, the "Energy Security and Affordability Act," is also sponsored by Sens. Paul Newton (R-Cabarrus) and Lisa Barnes (R-Nash).
“North Carolinians shouldn't be saddled with the increased costs created by arbitrary benchmarks," Sen. Berger said. “Instead, we should be focused on ensuring our energy sources will meet carbon reduction requirements while remaining reliable and affordable. That’s exactly what this bill does.”
Senate Bill 261 shifts our state’s focus to long-term energy planning by eliminating the interim carbon reduction benchmark for electric public utilities that serve at least 150,000 retail customers. Removing the interim benchmark provides utilities with greater flexibility to select and construct new and affordable energy generation resources, like nuclear power.
“When utility companies are forced to initiate expensive, short-term solutions North Carolinians have to pay the price,” Sen. Newton said. “Removing the interim carbon reduction goal will help keep electric rates stable and affordable.”
Additionally, the bill establishes an annual cost recovery mechanism for ongoing construction work for certain facilities, such as nuclear power plants. This allows incremental cost recovery, rather than waiting for a general rate case, thus increasing predictability of costs for North Carolinians.
“It’s imperative that we take new and creative steps to keep energy costs down and ensure our utilities are reliable,” Sen. Barnes said. “If we don’t take these steps now, we risk our state’s ability to grow and meet the needs of residents and businesses alike.”
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