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Rocky Mount council hears city utility debt paid off, officials cite local savings
Summary
Councilman Daughtry told the Rocky Mount City Council that the Eastern Municipal Power Agency's remaining debt has been paid off, and he said the move reduces local costs; he cited an estimated $6.5 million system savings and roughly $560,000 monthly benefit to the city's customers.
Councilman Daughtry told the Rocky Mount City Council on a recent meeting that the Eastern Municipal Power Agency’s remaining debt was paid off as of July 1 and that the change reduces costs for member communities.
"We no longer have that debt hanging over Rocky Mount," Daughtry said, and he described the payoff as producing "about $6,500,000 savings a year" and "about $560,000 a month" in the local estimate he offered. He said the city remains an owner of utility assets and praised the city utilities leadership.
The councilmember traced the history of the agency’s debt and the 2015 sale of certain generating assets, and he said a 30-year wholesale power supply agreement with Duke Energy Progress followed the sale. He said the city still retains its local assets but will benefit from the debt service being retired.
Why it matters: retiring long-term debt can lower wholesale power costs passed through to municipal utilities and, in turn, reduce pressure on retail rates. Daughtry framed the development as a material financial improvement for city customers and staff.
What the council heard: Daughtry credited regional negotiations and noted that the result required approvals across the agency’s membership. He also referenced local utility staff by name in praise, saying they "keep our lights on" and that the city avoided outages reported elsewhere.
Next steps: Council discussion on this item was informational; no ordinance or budget action tied directly to the announcement was recorded in the transcript.
