PHOTO: Energy Siren
Former Virginia AG says SB 559 will Hurt NC Customers
The Wilmington Star published an opinion article this past week that urges North Carolina to avoid the path Virginia took in allowing utilities to over-earn hundreds of millions of dollars at the expense of their customers. Editorial contributor, Ken Cuccinelli said, "As the former Attorney General in Virginia, I’ve been following with interest the progress of a bill that, as the StarNews correctly noted in an April 29 editorial , would be 'extremely convenient for the power company.' ”
Cuccinelli was referring to North Carolina Senate Bill 559 which passed out of the Senate in early May and is now under consideration in the House. The bill includes a beneficial section on storm securitization that most customers can support. However, another section that would allow multi-year rates and higher customer bills potentially giving Duke Energy windfall profits.
SOURCE: Ken Cuccinelli |