My Power Bill Is Too High.

SB 1024, titled 'My Power Bill Is Too High,' aims to protect North Carolina electricity customers by repealing the authority for multiyear rate plans that allow utility rates to increase automatically without annual review. The bill requires that all future electric utility rates be set only through a standard annual general rate case, eliminating preauthorized rate adjustments. Additionally, it modifies performance-based regulation rules to limit automatic rate increases to a maximum of four percent in the second and third years of any multiyear plan, while excluding large new generation projects from these automatic hikes. This legislation directly affects electric public utilities and their customers by ensuring more frequent regulatory oversight and greater transparency in how utility rates are determined.