Energy

This bill restricts the City of Rocky Mount from using money earned by its electric utility to fund general city expenses beyond specific operational needs. It mandates that revenue from electric rates must primarily cover the costs of running the power system, paying off related debts, and keeping rates low for customers. The only exception allows the city to transfer a limited amount of surplus funds to other municipal accounts, capped at the greater of 3% of the system's assets or 5% of its annual revenue. Effective July 1, 2026, these rules apply exclusively to Rocky Mount, preventing the transfer of electric utility profits to the city's general fund for unrelated purposes.

The Farmers Protection Act (SB 554) aims to prevent discrimination in financing against agriculture producers. It makes it unlawful for banks to deny or cancel services to farmers based on their greenhouse gas emissions, use of fossil-fuel derived fertilizer, or fossil-fuel powered machinery. If a bank has an environmental, social, or governance (ESG) commitment related to agriculture, there is a rebuttable presumption that such a denial violates the act, unless the bank proves it was solely for financial reasons. The bill requires banks to submit annual compliance reports and allows for civil penalties for violations, which are also considered an unfair or deceptive trade practice.