Bill saves ratepayers an estimated $15 billion
Prioritizes reliable, least-cost energy sources, including nuclear and natural gas
Raleigh, N.C. – Today, the North Carolina Senate gave final approval to a bill that will save all North Carolinians billions of dollars by removing arbitrary carbon reduction goals and prioritizing reliable, least-cost energy sources.
“Our residents shouldn’t be saddled with higher power bills to satisfy arbitrary targets,” Senate Leader Phil Berger (R-Rockingham) said. “Senate Bill 266 ensures that North Carolina will have reliable energy at competitive prices to serve our citizens and businesses. Gov. Stein must sign this bill immediately.”
Senate Bill 266, “The Power Bill Reduction Act,” removes the arbitrary 2030 carbon reduction goal and implements a new financing mechanism that will help reduce the construction costs of new facilities by about 5%. These changes are expected to save North Carolinians an estimated $15 billion.
“If our state wants to remain competitive globally, we need to take steps now to keep our energy sources reliable and least-cost,” Sen. Tim Moffitt (R-Henderson) said. “By taking these proactive steps, our residents and job creators can confidently build a future here knowing that blackouts and astronomical bills won’t plague North Carolina.”
Sen. Buck Newton (R-Wilson) said, “We have a talented, well-educated workforce, and we must find ways to keep our state’s cost-of-living down for them. With this bill, we’re putting their needs ahead of the demands from far-left special interest groups.”
The bill now heads to Gov. Josh Stein for his consideration. He has 10 days to sign the bill, veto it, or let it become law without his signature.