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N.C. municipal power agencies reduce debt

RALEIGH, N.C., Jan. 3, 2000 (PRNewswire) — North Carolina’s two municipal power agencies made their annual debt payments on January 2, 2001, which reduces the total debt from their ownership in Duke Energy (Duke) and Carolina Power & Light (CP&L) power plants to $5.4 billion.

North Carolina Eastern Municipal Power Agency (NCEMPA) paid $67.8 million, while North Carolina Municipal Power Agency Number 1 (NCMPA1) paid $59.4 million for a total of over $126 million.

The Power Agencies, made up of 51 municipal electric systems in the state, issued the debt in the late 70s and 80s to help Duke and CP&L finish building much needed power plants as the state faced an energy crisis. The Power Agencies make an annual payment on the debt much like a home mortgage each year.

The debt for NCMPA1 is scheduled to be paid off in 2019, and the debt for NCEMPA is scheduled to be paid off in 2025.

SOURCE: ElectriCities of North Carolina, Inc.