Bipartisan energy bill vetoed by NC Gov. Stein

RALEIGH — Gov. Josh Stein vetoed a bipartisan energy bill he says would have made the state overly reliant on natural gas. He didn’t believe the claims that the bill would save customers money on their power bills in the long run.

Senate Bill 266, known as the Power Bill Reduction Act, would have eliminated the state’s 2030 climate goals and changed the way utility companies could pass its costs along to you.

Opponents say the savings didn’t take into account the volatile costs of natural gas.

The bill passed with bipartisan support.

Stein made the following statement on his veto of Senate Bill 266:

“This summer’s record heat and soaring utility bills has shown that we need to focus on lowering electricity costs for working families -- not raising them.

“And as our state continues to grow, we need to diversify our energy portfolio so that we are not overly reliant on natural gas and its volatile fuel markets. Recent independent analysis of Senate Bill 266 shows that this bill could cost North Carolina ratepayers up to $23 billion through 2050 due to higher fuel costs.

“This bill not only makes everyone’s utility bills more expensive, but it also shifts the cost of electricity from large industrial users onto the backs of regular people -- families will pay more so that industry pays less.

“Additionally, this bill walks back our state’s commitment to reduce carbon emissions, sending the wrong signal to businesses that want to be a part of our clean energy economy. My job is to do everything in my power to lower costs and grow the economy. This bill fails that test.”

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