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Rocky Mount council hears options to cover multi‑million-dollar wholesale power true-ups; representative backs lump‑sum debt release
Summary
Staff explained two options to cover wholesale power 'true ups' passed through by the pooled purchasing agency; staff recommended Option 3 at the rate committee but a Rocky Mount representative said he will vote for Option 1 and the council verbally concurred.
City staff and council members discussed how wholesale power cost “true ups” from Duke are being passed through by the joint purchasing agency and the financial options before that agency’s board.
Mister Beshore, who said he serves as Rocky Mount’s representative on the rate committee, explained that large true-ups in 2022 and 2023—driven largely by underestimated natural gas costs—produced tens of millions in retroactive wholesale charges and that Nikampa/Kempa’s working capital has been drawn down. He said one true-up in 2022 was about $53 million overall and estimated Rocky Mount’s share at roughly $5 million; the 2023 true-up was estimated near $40 million overall with Rocky Mount’s portion near $4 million.
Beshore described two options…
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