WHOLESALE POWER SUPPLIER: NCEMC is a generation and transmission (G&T) cooperative that supplies wholesale power to 25 member distribution cooperatives located across the state of North Carolina.
STRONG FINANCIAL PERFORMANCE: NCEMC management remains committed to its strategy to improve the utility's financial profile.
CONTINUED FINANCIAL PERFORMANCE: North Carolina Electric Membership Corporation's (NCEMC) rating reflects Fitch's expectation that its prevailing financial policies will be maintained.
However, BEMC expects its wholesale power supplier, NCEMC, to increase rates due to rising commodity costs and higher purchased power costs.
BEMC purchases substantially all of its power from NCEMC, pursuant to an all-requirements contract.
NCEMC has a diversified power supply that includes both owned and purchased energy resources and is composed of nuclear (55%), gas (29%), coal (6%) and hydro and renewables (6%), and market purchases (4%).
The company subsidiary, Progress Energy Carolinas (PEC), has supplied a portion of NCEMC
's load requirements located in a control area for more than 50 years.
North Carolina Electric Membership Corporation (NCEMC) is participating in a newly formed national cooperative established to help electric cooperatives deploy renewable energy resources through both the development of projects and needed transmission infrastructure improvements.
Rick Thomas, executive vice president and chief executive officer of NCEMC, said NRCO will greatly benefit North Carolinas electric cooperative members because many large-scale renewable projects, such as wind or solar farms, "are not as viable in our state as they are in the Great Plains or the Southwest."
Duke Energy Carolinas LLC and North Carolina Electric Membership Corporation (NCEMC) today announced agreements totaling $200 million to purchase Saluda River Electric Cooperative Inc.'s ownership interest in unit 1 of the Catawba Nuclear Station.
Saluda River currently owns approximately 19 percent of unit 1, with NCEMC and Duke Energy owning the remaining 56 percent and 25 percent, respectively.