As our state continues to experience exponential growth, it is more important now than ever before that North Carolina has a comprehensive, environmentally responsible strategy in place to ensure every corner of the state has access to efficient and affordable energy.
Hurricanes Florence and Michael, as well as winter storm Diego, walloped our state and left countless North Carolinians reeling from their impacts. This included the hundreds of thousands of people and businesses across the state who lost power after each storm hit.
For businesses, extended power outages can greatly impact bottom lines, forcing closures, lost productivity and significant monetary losses. As storms get bigger and more expensive, it is important that there be a plan in place to predictably pay for recovery, so that as utilities move to swiftly restore power, their customers can have basic needs met and economies can thrive.
We asked our members for feedback on Senate Bill 559: Storm Securitization/Alt. Rates and appreciate your input. Since then, many of you have participated in thoughtful dialogue around modern ratemaking tools. We are encouraged that stakeholders engaged in a collaborative process to come up with the reforms now included in Senate Bill 559.
Reconstruction, replacement and repair of our energy infrastructure is an integral part of North Carolina’s economy. We must provide the Utilities Commission with the authority to consider alternate cost recovery methods. This will enable our state to move at the speed of business, remain competitive, and provide quicker access to cleaner energy and attractive new technologies benefitting all North Carolinians.
Today the NC Chamber offered its support for Senate Bill 559. Thank you for working through the process with us, I look forward to continued discussion on powering North Carolina’s competitive economy.
Gary J. Salamido
Chief Operating Officer and Acting President