NC Lawmakers Listening To Cities' Power Debt Woes

The head of a trade association managing an electric power agency serving eastern North Carolina says selling shares in power plants the agency owns is still being considered if it means getting rid of debt towns and cities must repay.

ElectriCities Chief Executive Officer Graham Edwards spoke Tuesday to a legislative panel examining why hundreds of thousands of eastern residents and businesses pay more for electricity than others and what can be done to provide relief.

The higher rates stem from cities 30 years ago investing in power plants and facing mounting debt from construction delays, cost overruns and regulations. The debt reached $3.6 billion but is now $2.1 billion.

Edwards said he's hopeful any sale would reach a price at or above the debt balance.

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