Tell Governor Stein: Veto CWIP bill, make Duke Energy keep its promises

Duke Energy and the North Carolina General Assembly want YOU to bear the financial and environmental risks for building new power plants while the monopoly utility is allowed to back out of its pledge to lower its carbon emissions.

Senate Bill 266 is a bad deal for Duke customers, who have no choice about where to buy their electricity, and all North Carolinians who will continue to face health and environmental damage if this bill becomes law.

Tell Gov. Josh Stein to veto Senate Bill 266: Don't let Duke Energy saddle us with higher bills while it bails on its carbon-cutting promise.

The N.C. House and Senate have given their blessing to S266, even though it puts North Carolina's utility customers and other residents at risk because:

It puts Duke ratepayers on the hook for construction work in progress (CWIP) costs, even if the power plants they pay to build never produce a single kilowatt of power. CWIP legislation has led to financial disasters for ratepayers in South Carolina, Georgia, Mississippi and Florida.
It would expose all of us to ongoing air pollution and climate change threats by freeing Duke Energy from its promise to lower carbon emissions by 2030.
It would significantly shift a cost burden onto residential ratepayers – everyday North Carolinians like you.

Other provisions in the bill would:

Allow Duke Energy to seek rate increases outside of the normal ratemaking process,
Make changes to the way fuel costs are defined and adjusted that could result in more frequent rate increases due to fuel price volatility, and
Incentivize Duke's use of risky, expensive fuels such as natural gas instead of clean, renewable energy like solar and wind, which have been a boon to North Carolina's economy.

In 2021, Duke Energy agreed to bipartisan legislation that gave it an easier path to raising its rates in return for agreeing to carbon-cutting targets. Duke's taken advantage of the deal to charge more for electricity, but wants to back out of its part of the bargain.

That's not fair to North Carolina ratepayers or anyone in the state who wants to breathe clean air. Tell Governor Stein to protect ratepayers and our environment by vetoing Senate Bill 266!

Your experience is important: Be sure to add a personal note that tells Governor Stein how S266 will affect you, your family, and your community.

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I urge you to veto Senate Bill 266, the deceptively named "Power Bill Reduction Act."

S266 should more accurately be titled the Ratepayer Risks Act, because it would put North Carolina's utility customers and other residents at risk on multiple fronts.

It would put ratepayers on the hook for construction work in progress (CWIP) costs, even if the power plants they pay to build never produce a single kilowatt of power.

It would expose all of us to ongoing air pollution and climate change threats by freeing Duke Energy from its promise to lower carbon emissions by 2030.

By shifting CWIP costs to ratepayers, Duke Energy has no incentive to meet deadlines and budget constraints for its projects, and no obligation for the new plants to even come on line. Similar CWIP legislation has led to fiascos for ratepayers in South Carolina, Georgia, Mississippi and Florida.

Other provisions in the bill would allow Duke Energy to seek rate increases outside of the normal ratemaking process to cover CWIP. It also expands the definition of “cost of fuel and fuel-related costs,” and allows for quarterly fuel cost adjustments, which could result in more frequent rate increases due to price volatility.

S266 incentivizes Duke Energy’s use of risky, expensive fuels like methane-based natural gas instead of clean, renewable energy like solar and wind, which have been a boon to North Carolina's economy while reducing air pollution.

Just four years ago, Duke Energy agreed to bipartisan legislation that set carbon-cutting targets in return for an easier path to raising its electricity rates. The monopoly utility has taken advantage of that glide path, but now wants to renege on its part of the bargain.

Please stand up for North Carolinians – Duke Energy customers and everyone else – by protecting our wallets, our economy, and our environment with a veto of Senate Bill 266.

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