ElectriCities CEO says selling shares could take repaying debt off backs of residents and businesses

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Submitted: Wed, 01/11/2012 - 2:37am
Updated: Wed, 01/11/2012 - 2:45am

RALEIGH, N.C. (AP) — The head of a trade association managing an
electric power agency serving eastern North Carolina says selling
shares in power plants the agency owns is still being considered if
it means getting rid of debt towns and cities must repay.

ElectriCities Chief Executive Officer Graham Edwards spoke
Tuesday to a legislative panel examining why hundreds of thousands
of eastern residents and businesses pay more for electricity than
others and what can be done to provide relief.

The higher rates stem from cities 30 years ago investing in
power plants and facing mounting debt from construction delays,
cost overruns and regulations. The debt reached $3.6 billion but is
now $2.1 billion.

Edwards said he’s hopeful any sale would reach a price at or
above the debt balance.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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