North Carolina Senate Passes Controversial Bill Affecting Duke Energy’s Future Projects
In a move that could reshape energy policy in North Carolina, the state Senate has passed a bill allowing Duke Energy to charge customers for pending power plant projects and delay climate change initiatives. The bill, known as Senate Bill 261, has sparked a debate among lawmakers about the financial and environmental impacts on residents.
Proponents of the bill argue it will curb the escalation of electricity bills, while opponents fear it could burden North Carolinians with billions in costs for unbuilt facilities. “We have an opportunity today to save North Carolinians a significant amount of money,” asserted Sen. Paul Newton, who has been a key advocate for the bill.
However, Sen. Gladys Robinson expressed skepticism, stating, “We continue to pass costs on them that they can’t even afford. So I have to vote against this.” Despite opposition, the bill passed with unanimous Republican support and backing from three Democratic Senators.
Potential Financial Implications
Senate Bill 261 not only extends the deadline for Duke Energy’s carbon reduction targets but also authorizes the company to increase rates for proposed power plants. A similar policy in South Carolina led to a $9 billion loss when a nuclear project collapsed. Concerns about a repeat scenario in North Carolina were dismissed by Senate leader Phil Berger, who cited Georgia’s success with comparable legislation.
According to Berger, “In many respects, we looked at the Georgia example, of what they did in order to enable the power company to have the ability to make the commitment to the long term.” Meanwhile, Duke Energy has plans for a nuclear facility in Stokes County.
Environmental and Regulatory Concerns
The bill would also eliminate the 2030 carbon-reduction goals set by a prior compromise, instead setting a 2050 target for carbon neutrality. This adjustment has raised alarms about prolonged carbon emissions. Critics, including Sen. Julie Mayfield, questioned the financial models cited by Newton, which purportedly show potential savings of $13 billion.
“We have no idea what those factors were,” Mayfield remarked, emphasizing the uncertainty surrounding the bill’s economic impact. Democratic lawmakers expressed concern over the accelerated passage of the bill, contrasting it with previous energy policies that underwent extensive stakeholder negotiations.
Despite these controversies, the legislation is set to redefine the energy landscape in North Carolina, with Duke Energy and lawmakers navigating a complex balance of economic and environmental priorities.
Original Story at www.wral.com