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Rocky Mount reviews NEMPA rate options as July debt release approaches
Summary
City staff briefed the council on two options from the North Carolina Eastern Municipal Power Agency to handle consecutive large "true ups" and an upcoming July 2025 debt-release that would return about $2.3 million to Rocky Mount; the council discussed weighing short‑term customer impacts against replenishing the city's rate‑stabilization fund.
Interim City Manager Peter Varney and Chris Boeschler, the city’s director of energy resources, briefed the Rocky Mount City Council on proposed options from the North Carolina Eastern Municipal Power Agency (NEMPA) for addressing large recent true‑up charges and an upcoming debt release scheduled for July 2025.
The presentation said NEMPA members have seen unusually large true‑ups in recent years — about $53 million in 2022 and $40 million in 2023 — and estimated a $30 million to $40 million true‑up for 2024. Rocky Mount’s share of those larger adjustments was described in the briefing as roughly $5 million for the 2022 true‑up and about $4 million for a $40 million true‑up scenario. The briefing identified a separate debt reserve established in February 2015; the reserve’s release in July 2025 would return roughly $2.3 million to Rocky Mount if NEMPA members receive the funds back.
Why it matters: Rocky Mount staff said the city has used its rate‑stabilization fund to absorb prior true‑ups…
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