NC S587

Creates the Municipal Power Agency Relief Legislative Study Committee consisting of 6 Senate members and 6 House members to study options for providing relief to customers of joint municipal power agencies.

Directs the Committee to study the feasibility of refinancing or restructuring the debt of power agencies and the feasibility of selling assets to lower electric rates or reduce total debt.

Addresses the $2.2 billion in bonded indebtedness owed by 32 municipalities in the North Carolina Eastern Municipal Power Agency (NCEMPA) division, primarily from nuclear power plant financing, which results in substantially higher customer electrical rates.

Requires the Committee to submit a final report to the 2012 Regular Session with findings, recommendations, and legislative proposals, and grants the Committee power to subpoena witnesses and request state agency information.

Committee terminates upon filing its final report; members receive travel and subsistence expenses and professional staff support from the Legislative Services Commission.