NCSU analysts: Duke Energy bill lifting carbon reduction goal will cost households billions

The analysis is in. North Carolina’s latest high-profile energy legislation, Senate Bill 266, will cost $23 billion.

The misleadingly named “Power Bill Reduction Act,” has passed both the state House and Senate, and now awaits action from Governor Stein. In it, lawmakers overhauled state law in multiple ways to benefit North Carolina’s largest corporations while increasing utility bills for households across our state. A more accurate moniker would be the “Bill for Higher Energy Bills,” if you’re talking about utility bills for people like you and me.

New analysis posted June 30th by researchers at NC State University finds that the bill’s signature provision — removing the state’s 2030 carbon emissions reduction target — is projected to lead to a $23 billion increase in fuel costs through 2050. Based on modeling by the Utilities Commission Public Staff, the research team found that eliminating the interim target would increase natural gas generation by nearly 40 percent between 2030 and 2050. Researchers conclude maintaining the interim goal helps limit exposure to volatile fuel markets and protects ratepayers from sharp increases in electricity bills.

SB 266 has multiple provisions that work together to maximize profit, shift financial risk to customers, and leave North Carolina households holding the bag.

Read more of the analysis on NC Newsline.