S266 veto override disregards economic, environmental fallout for ratepayers, all state residents
Duke Energy ratepayers, our state's once-strong clean energy economy, and all North Carolinians stand to suffer the fallout from the N.C. General Assembly's vote on Tuesday (July 29) to override Gov. Josh Stein's veto of Senate Bill 266.
S266, the "Ratepayer Risks Act," allows Duke Energy to renege on its pledge to cut carbon emissions and overburden ratepayers with its expenses for power plant construction and fuel purchases. Stein vetoed it on July 2.
In rushing it through the legislative process, General Assembly leaders falsely promoted it as a way to stabilize utility bills amid growing demand. But since it was passed, researchers have provided explicit details on its many flaws, including:
- Tens of thousands of lost job opportunities, and unrealized billions in power sector investments and state tax revenues;
- Higher costs for residential ratepayers (confirmed in a follow-up study) who will shoulder a greater share of Duke's fossil fuel purchases; and who will be charged for Duke's "construction work in progress" on power plants, regardless of whether those plants ever come online.
Statement by Chris Herndon, Chapter Director, NC Sierra Club:
Corporate greed won over the public interest today. A mountain of independent analysis has shown that Senate Bill 266 will be bad for North Carolinians’ bank accounts and health. Energy costs and pollution will increase so that Duke Energy can make more money.
Governor Stein did the right thing by vetoing this bad bill, but today the legislature chose corporate interests over the people they’re supposed to represent. North Carolinians deserve better.
North Carolina lawmakers have done a grave disservice to all the people they were elected to represent – Duke Energy ratepayers, and anyone who depends on the health of our state's economy and environment – by overriding Governor Stein's veto of SB266. These votes are a betrayal of the bipartisan promise made just a few years ago to lower utility carbon emissions to protect our air and our climate, and to give even more strength to our state's once-robust clean energy economy. Lawmakers who put Duke Energy's profits over their constituents can expect us to continue to fight back, and to remember today’s vote as the next election cycle nears.