The most interesting items on the Wake Forest Town Board’s agenda for Tuesday, April 15, are a closed session to consult the town attorney followed by a return to the meeting room and possible action on a “resolution endorsing the negotiations between NCEMPA and Duke Energy Progress Inc.”
Those negotiations could impact the town and its electric system customers and possibly lower rates for those customers.
NCEMPA is the North Carolina Eastern Municipal Power Agency, and Wake Forest is a member. The agency has been negotiating with Duke Energy Progress since early this year about the potential sale of NCEMPA’s ownership in five Duke Energy Progress plants: Brunswick Nuclear Plant Units 1 and 2, Mayor Plant Unit 1, Roxboro Plant Unit 4, and Shearon Harris Nuclear Plant.
Wake Forest owns a 0.7262 share in each of those five plants and owes about $1.5 million of the total NCEMPA debt of $2 billion. The contract calls for the last payment to be made Jan. 1. 2026.
Wiping out all or part of the town’s debt would reduce the cost of electricity to the 6,057 Wake Forest Power customers because the town-owned electric system is operated as a separate enterprise fund which has to pay all its costs, including the debt repayment, from its revenues.
When the negotiations were announced, Mayor Vivian Jones said it would be a long process. This resolution may be only one step in that process.
At the beginning of the regular business meeting starting at 7 p.m., there will be a presentation about the completed stream bank repairs in Miller Park and a presentation about the Northeast Area Transportation Plan.
The commissioners will be asked to approve a bid submitted by Peak Substation Services for $194,300 for a 230-25KV substation package.
The meeting is broadcast live on Channel 10 and rebroadcast through the month.
