Today, the North Carolina General Assembly overrode a Governor Stein veto and passed Senate Bill 266 (“The Power Bill Reduction Act”) into law.
SB 266 erases NC’s interim carbon reduction goal for the power sector (70% reduction by 2030, compared to 2005 levels) established in 2021 and grants Duke Energy a new cost recovery mechanism for construction work in progress for baseload electric generating facilities, among other impacts.
According to a study from researchers at NC State University, the new legislation could mean up to $23 billion in additional costs for ratepayers through 2050 due to higher fossil fuel costs, and $87 million per year in additional costs for residential customers due to a purchased power cost shift from industrial energy users.
The following is a statement from Zach Amittay, Southeast Advocate for the nonpartisan business group E2:
“This is a serious step back for our booming clean energy economy, a raw deal for ratepayers, and a major mistake by the state legislature.
“It will reduce our grid’s generation capacity at a time when energy demand—and prices—are surging. It means tens of thousands of fewer jobs in solar, wind, and other energy sectors, tens of billions of dollars in unmaterialized investments, and nearly $1.5 billion in lost state tax revenues.
“This takes North Carolina in the wrong direction on building a reliable, affordable, and clean power grid for our future—and we’ll all pay the cost.”
More Resources:
- Clean Jobs North Carolina 2024, produced by E2 and the North Carolina Sustainable Energy Association, containing details on clean energy jobs for every metro area and county in the state.
- Economic Impact Analysis of Passing SB266, prepared by BW Research Partnership for the NC Sustainable Energy Association.
- Study from NC State University researchers, showing how SB266 could lead to billions in added fuel expenses through 2050.
For more information or for interview requests, please contact Michael Timberlake at [email protected] or Alex Frank at [email protected].
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E2 is a national, nonpartisan group of business leaders, investors, and professionals from every sector of the economy who advocate for smart policies that are good for the economy and good for the environment. Our members have founded or funded more than 2,500 companies, created more than 600,000 jobs, and managed more than $100 billion in venture and private equity capital. For more information, see www.e2.org or follow us on Twitter at @e2org.