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.