The current discount is 20.66% for the first year, and declines annually, reaching 4.13% in the fifth year. The discount terminates after the fifth year.
The new discount would be 23.76% off for the first year, and 4.75% in the fifth year. The public can offer comment on new discount at a public hearing on June 25.
The PWC, owned by the City of Fayetteville, provides electricity to Fayetteville and surrounding areas.
Electricity rates are important to companies when they decide where to build, said Robert Van Geons, the president and CEO of the Fayetteville Cumberland County Economic Development Corporation, in an email to CityView on Wednesday.
“For many of the industries considering Fayetteville and Cumberland County, the availability, cost and reliability of power is [the] deciding factor,” he said. “In some cases, electricity can be 50% or more of a company’s operating costs.
The new economic development rider would “truly make PWC electric rates more competitive,” PWC General Manager and CEO Tim Bryant told the PWC’s board at its May 28 meeting.
“Again, not just competitive locally amongst Duke Energy and these other local energy companies, but also nationally, to allow us to attract new and or expand other commercial industrial customers,” he said.
According to Bryant’s presentation, the employer would have to meet certain criteria to get the discount:
Over two weeks in May, eight to 10 potential industrial customers that are considering the Fayetteville area inquired about the PWC’s electricity rates, Bryant said.
The public is invited to comment on the proposed discount at a public hearing at 8:30 a.m. June 25 at the PWC’s headquarters at 955 Old Wilmington Road in Fayetteville. Comments may also be emailed to [email protected]. People should include their name, mailing address and phone number, and written comments should not exceed 300 words.
Senior reporter Paul Woolverton can be reached at [email protected].
Did you find this story useful or interesting? It was made possible by donations from readers like you to the News Foundation of Greater Fayetteville, a 501(c)(3) charitable organization committed to an informed democracy in Fayetteville and Cumberland County.
Please consider making a tax-deductible donation so CityView can bring you more news and information like this.
Paul Woolverton joined CityView in November 2023 following more than 30 years with The Fayetteville Observer. In his free time, Paul performs and volunteers with the Sweet Tea Shakespeare community theater troupe in Fayetteville.
