It's 505 and welcome into a Friday edition of the Carolina Journal News Hour, News Talk 1110-993 WBT. I'm Nick Craig. Good morning to you. The North Carolina legislature has given final approval to the Power Reduction Act. They did that yesterday.
This is a pretty important bill for those that pay utility bills across the state of North Carolina. This legislation would eliminate the state's statutory goal to cut carbon emissions by 70% by 2030. Senate Bill 266 passed the Senate in a vote of 29 to 11 and now heads to Governor Josh Stein's desk after the chamber voted to concur with some of the House changes. Supporters say that the policy could save North Carolinians up to $15 billion in future utility costs and will help meet skyrocketing power demands. Senator Tim Moffitt, the Republican out of Henderson County, said, quote, the House has returned to us the Power Act Reduction Act in Senate Bill 266.
Section 1 of both bills is the same. It eliminates the interim date for carbon reduction, but it also maintains the 2050 goal. With that, the bill maintains that long-term goal, which is to reduce 100% of carbon emissions from a 2005 level by 2050.
However, it removes the requirements that utilities hit an interim 2030 milestone. Utilities like Duke Energy must still file long range carbon plans with the North Carolina Utilities Commission, but the focus now shifts from that shorter term goal to the longer term goal of a net zero emission. Senator Moffat continued by saying, if our state wants to remain competitive globally, we need to take steps now to keep our energy sources reliable and least cost. By taking these proactive steps, our residents and job creators can confidently build a future here knowing that blackouts and astronomical utility bills won't plague North Carolina. The move to repeal the 2030 goal gives more flexibility in North Carolina's energy makeup, enabling the use of things like natural gas, nuclear energy, and other sorts of emerging technologies alongside renewables, that would be wind and solar, all of that without being restricted by what many believe are politically driven deadlines.
Senate Leader Phil Berger, the Republican out of Rockingham County, the head of the North Carolina Senate, said, quote, our residents shouldn't be saddled with higher power bills to satisfy arbitrary targets. Senate Bill 266 ensures that North Carolina will have reliable energy at a competitive price to serve our citizens and businesses. Governor Stein must sign this bill immediately. That call to action there from House or Senate leader, rather, Phil Berger. Beyond eliminating the interim 2030 carbon reduction deadline, the bill makes other regulatory changes as well.
CWIP would be permitted only if the North Carolina Utilities Commission determines it would create an overall cost savings to customers over the facility's lifetime. It would also require annual review of any facility using CWIP to ensure accountability and cost effectiveness. CWIP is essentially a financial break that utility companies can get while they're building an electrical plant before it is actually online and serving customers on the grid. The legislation also implements a new financing mechanism to help reduce the construction cost of new facilities by about 5%. Donald Bryson, the CEO of the John Locke Foundation, said, quote, by repealing the interim 70% carbon reduction mandate by 2030, this legislation removes a key pressure point.
That would have shoehorned non-dispatchable resources like wind and solar onto North Carolina's grid, regardless of their cost or reliability. This is a smart, bipartisan step that gives the Utilities Commission more flexibility to pressure to pursue a balanced energy mix that keeps power affordable and dependable for ratepayers and businesses alike. The bill's passage comes as North Carolina continues its pivot towards a cleaner energy economy while grappling with the cost of grid modernization and various plant retirements. Stein has not publicly indicated yet whether he will or will not sign this legislation.
However, Senate Bill 266 currently sits on his desk this morning. This is one of many pieces of legislation out of the Republican-led General Assembly that sits on Governor Josh Stein's desk this morning. Not immediately clear when some of these bills are set to be signed.
However, we will keep An eye on those details and pass any relevant news along to you over on our website, CarolinaJournal.com. And of course, right here on the Carolina Journal News Hour, where it's now 5-11, News Talk 1110, 99.3 WBT. We continue to watch progress on various pieces of legislation throughout the North Carolina General Assembly. This morning, we're going to be focusing on the North Carolina Farm Act to walk us through some of those details this morning. Katie Zender, CarolinaJournal.com, joins us on the news hour.
Katie, the Farm Act is something that has become rather controversial over the last couple of weeks due to some last-minute amendments. What's going on with the Farm Act that you're tracking this morning? Yeah, hi, good morning, Nick. Yeah, so the Farm Act was passed through the Senate on Tuesday by a 31 to 14 vote. And they did adopt an amendment on the Senate floor that targets, you know, crop larceny, utility line safety studies, and wastewater management practices.
So they did add that before the floor vote. But there are a couple of contentious aspects of the Farm Act is section 19, which has to do with labeling of pesticides for pesticide manufacturers. And so basically, what this section does is it kind of provides immunity to pesticide manufacturers. for any harm that might be Incurred by the use of their products under the Federal Insecticide, Fungicide, and Rodenticide Act, or FIFRA. And so basically, what this Section does is it protects them from liability so long as their product is labeled and approved by the U.S.
EPA, the Environmental Protection Agency. And so basically, what those against this section are arguing is they're saying that there are certain chemicals such as Roundup that have things in them that are known to cause cancer. But the problem with this, Nick, is that pesticide manufacturers can't just go changing their pesticide labels. They have to have it approved by the EPA. And so that's kind of the red tape issue with this section.
And so those that are in support of Or, I'm sorry, those that are against this liability is saying basically this provides immunity to the EPA, is arguing against that because there's actually a lawsuit going on right now, and it's made its way up to the Supreme Court in which Monsanto, which is a subsidiary of Bayer, who makes Roundup. Roundup contains glyphosate, which can cause cancer. But the problem with that, as I already said, is The pesticide companies can't just change the warning labels without EPA approval. And so the NC Chamber is actually very strongly in support of Section 19. And Ray Starling, who's the general counsel for the NC Chamber, said in his analysis: he said, if you respect crop protection tools, the rule of law, and an efficient food system, there's only one right answer here.
Nobody calls their Nobody calls their lawyer when they're hungry. And that's by Ray Starling in his analysis, kind of of that court case. And then they put out another statement which says: Without this provision, North Carolina is opening a pathway for companies to be targeted by plaintiffs' attorneys for simply complying with federal law. The rigor of EPA requirements cannot be overstated, and attempted to add a state level of regulation to that process and will increase lawsuits and bigger pocket populations. Pockets for plaintiffs' attorneys, but it will not do anything for farmer safety.
So they are very strongly in support of this Section 19.
However, Kelly Lester, who is a policy analyst here at the John Locke Foundation with the Center for Food, Power, and Life, she said to me, This is an alarming example of corporate lobbying, skewing policy in favor of industry giants. She said, by shielding these companies from accountability, the state disrupts the natural checks and balances of the free market where consumers and courts should help to determine winners and losers based on merit, safety, and responsibility. And such carve-outs undermine both public trust and principles of fair competition.
So, those are the two most contentious aspects of the Farm Act. There's obviously a lot of other things in here, but those are the areas that have caused the most amount of controversy, especially the section with the pesticides, has really caused a lot of controversy and debate in the last couple of days. But it did pass through the Senate and it was sent to the House on Tuesday, and then on Thursday, it passed its first reading and was sent to the Rules Committee. Obviously, we'll continue to track that legislation as it makes its way through the rest of the North Carolina House. A great update this morning.
We appreciate it. Katie Zender from CarolinaJournal.com joins us on the Carolina Journal News Hour. Step into the world of power. Loyalty and luck. I'm gonna make him an offer he can't refuse.
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21 plus terms and conditions apply. It's 5:21. Welcome back to the Carolina Journal News Hour, News Talk 1110, 99.3 WBT. We've got an update on a very interesting piece of legislation that is making its way through the North Carolina General Assembly this morning. Covered it earlier this week: this plan from North Carolina lawmakers to ban shimp trawlers from more inland areas across the coast of our state.
North Carolina lawmakers this morning say that they have a plan to pay commercial fishermen that are set to be impacted by these proposed restrictions on shrimp trawling within the state's coastal sounds. The Senate gave its final approval to the trawling bill Thursday afternoon. The proposal now goes to the House of Representatives. Earlier in the day yesterday, the Senate unveiled its plan to quote. Provide annual transition payments to eligible holders of commercial fishing licenses with verifiable lands of shrimp since 2023.
So, this is how the process is set to work under the legislation right now. The payments would last until October 1st, 2028, and the amount of payment would be dependent on the value of eligible shrimp trip tickets purchased by a license holder each year, plus $180. The bill would also increase the cost of a standard commercial fishing license. It is currently $400, that would be increasing to $580. It would increase the license fee for non-residents to at least $2,000, and the fee for a retired commercial fishing license would increase from $200,000 to $290.
The bill includes fee increases for commercial fishing vessel regulations, shellfish licenses, new fish. Dealers, land or sell licenses, and temporary fishing licenses as well.
So, pretty much, if you're going to be taking place, whether it's commercial or more recreational fishing, you're going to be seeing some sort of increase in the licensure fee there. Supporters of this ban on trawling say it is necessary to help other fish stocks that would help align North Carolina with other East Coast states like Virginia and South Carolina that already ban trawling in land. Opponents of the ban say that it will destroy the shrimp industry in the state and hurt the entire commercial fishing industry as a whole, with many individuals calling it, or some individuals calling it, quote, completely unnecessary. Opponents of the ban say that the industry has made great strides in recent years to limit what they call bycatch. This is other fish that are grabbed, other sort of marine life that are caught up in the shrimping nets that are thrown off shore and inland areas, and that fish other than shrimp are caught in trawling nets, and they've done a good job in recent years to try and limit that.
Those nets are currently required to have finfish and turtle excluder devices to allow those types of animals to escape the nets. With other individuals saying that they find it hard to believe that the state is doing this, however, Senate leader Phil Berger, the Republican out of Rockingham County, says it was a long time to end this long, simmering debate and the ban and that banning trawling will help other aspects of the fishing industry across North Carolina. He said, quote, the enhancement of recreational fishing opportunities that will come about by virtue of this enhancement of the fishing stock will more than offset any losses that come as a result of the bill itself. He also added that you'll still have commercial fishermen. They just will not be shrimping with nets in inland waters.
They'll catch other fish. They'll do other things. The trawling ban did pass the Senate in a whopping 41 to 4 vote on Wednesday. despite strong opposition from Senator Bobby Hoenig, the Republican out of Currituck County, and some other coastal senators. Hoenig proposed five different amendments and tried other procedural moves to stop the ban, but unfortunately for him and many that support him, he was unsuccessful in doing that, with the senator from Currituck saying, people are going to lose jobs.
It's going to decimate our fishing industry. They're saying that they're not going after commercial fishing. They're going after commercial fishing one step at a time. You can call it death by a thousand cuts. The opposition was limited to just four senators representing coastal counties.
Berger said, quote, that's what we did here is right, and it's the right thing to do. Berger also said that he saw two social media posts that included threats against lawmakers after the initial vote on the ban. The threats made reference to some other recent tragedies that have taken place as it relates to elected officials dealing with threats, with Berger noting, quote, it's not something that we take lightly, and it's something that is an unfortunate consequence of the way people feel free to speak when they can be either anonymous or semi-anonymous on social media.
So regardless of those four senators trying to hold the line on stopping this restriction. To inland shrimp trawling, it did move forward in a 41 to 4 vote. That legislation and some of these changes now makes its way to the North Carolina House. We will be keeping a very close eye to see what that chamber does as it relates to this legislation, which again has sparked a lot of controversy over the last couple of just days here in North Carolina. It was a last-minute amendment.
We'll keep an eye on the details right here on the Carolina Journal News Hour. And some other news out of the GA this morning, the Foster Care in NC Act is another piece of legislation that is on its way to Governor Josh Stein's desk after clearing both chambers of the General Assembly with complete unanimous support earlier this week. The legislation passed the House 109 to 0 on Wednesday and the Senate in a 46-0 vote on Thursday. House Bill 612 aims to modernize and strengthen North Carolina's child welfare system through a wide-ranging set of reforms to foster care, child protective services, juvenile procedures, and social services. The bill has been through numerous drafts and committee substitutes, with lawmakers citing at least 30 revisions since it was first introduced in the General Assembly.
Representative Alan Chesser, the Republican out of Nash County, who is also the bill's primary sponsor, said, quote, I think we have a good piece of work here. It's a 100% compromise bill. more of the controversial parts we just took out to make sure that we had something that we could gain concurrence on. And I just ask that you guys stand with us for one more vote, and let's move the needle for the children who find themselves in foster care in the state of North Carolina. Representative Sarah Stevens, the Republican out of Surrey County who has worked on foster care issues for over a decade, also spoke in favor, telling her colleagues, It was very important for me to be a part of this bill and part of making sure we got it right.
So thank you for your patience.
Some of the provisions in this legislation include expanding eligibility for the state's guardianship assistance program to children as young as 10 years old, grants judges the ability to issue permanent non-contact orders in the case of violent offenses, clarifies felony child abuse statutes for caregivers who allow or commit sexual acts on minors, establishes mandatory criminal background checks for cities or county employees who work with children, and it also requires written documentation and court oversight before unsupervised visitation or reunification when that occurs with a biological parent.
So with this piece of legislation, it is pretty widesweeping, 32 pages in all.
However, when you've got full unanimous support in the General Assembly, 109 votes in favor in the House, 46 in the Senate, this bill is, I think it's safe to say, pretty likely to be signed by Governor Josh Stein. As we've mentioned earlier today, many pieces of legislation sit on his desk this morning. We'll keep an eye on all of those right here on the Carolina Journal News Hour. It's 5:37. Welcome back to the Carolina Journal News Hour News Talk 1110-993 WBT.
I'm Nick Craig. Good Friday morning to you. We've got an update this morning on a company by the name of Wolfspeed. We've talked about them over the last couple of months and some of their financial woes and issues that they are dealing with. And details this morning indicate that they are one step closer to filing for bankruptcy.
Both Bloomberg News and Reuters reported earlier this week that creditors will soon take over the Durham-based company. One of those creditors is Apollo Global Management, which is an investment firm that secured a $750 million financing deal with the company in October of last year. Reuters said that those familiar with the bankruptcy plan say that Wolf Speed will soon announce a deal for a Pre-packaged bankruptcy, which means that the company would file a plan it agreed upon with its creditors before it actually files. According to the report, the deal would be long enough to slash billions in debt after a restructuring support agreement is signed. Wolfspeed will then ask creditors to vote on a plan and file for Chapter 11 bankruptcy protection.
Now, Chapter 11 is a pretty common bankruptcy that allows distressed companies to continue operating while their businesses, debts, and assets are reorganized. According to an article in the Wall Street Journal last month, the company began pursuing this Chapter 11 plan after its largest backer refused multiple attempts by creditors to restructure its debt out of courts. Wolfspeed manufacturing, Wolfspeed manufactures rather, wide bandgap semiconductors focused on silicone carbide and gallium nitrate materials, including microchips.
Some of their customers include General Motors and Mercedes-Benz, as they use those chips in their smart connected vehicles. Shares of Wolfspeed fell to 87 cents a share at the close of business on Wednesday. The stock has not been a good investment so far this year. It's fallen more than 81% since January the 1st. The report The court says that shareholders could recover as much as 5% in the proposed scenario.
Typically, bankruptcy wipes out shareholders because creditors must be paid first and there's often not enough value left over. According to TipRanks, a website that provides stock analysis and breaking news in the financial world, Wolfspeed has roughly six point five billion dollars in debt, while its cash and cash equivalent balances only stand at one point three billion dollars. That was as of march thirty first of this year. Apollo Global, which has led the restructuring negotiations over the last couple of weeks, holds $1.5 billion in senior secured loans, and they would be the first one paid back under this Chapter 11 agreement. The group has the right to approve any new secured financing and was also responsible for rejecting all restructuring efforts that took place in the month of March.
According to TipRanks, those deals included a provision for Wolfspeed's largest lender, which is Chinese Resilience Electronics, to convert some of its outstanding convertible notes to equity or essentially cash on hand. Wolfspeed also announced in twenty twenty three that a group led by Apollo would provide one point two five billion in debt financing with the option to go as high as two billion dollars to support the company's expansion plans in New York and here in Siler City, North Carolina. In October of 2024, the Biden-Harris administration announced that it had signed an initial agreement for up to $750 million in federal funding to support the construction of a new $5 billion silicone carbide wafer manufacturing facility in Siler City. This was under the Chips and Science Act, touted by the President and his Vice President at the time. The company, with that announcement, said that they planned to hire more than 1,800 workers at the site.
But the company has not received any of the funding because it was all contingent on Wolfspeed refinancing some of its convertible debt, and that did not happen. Back on june the ninth, the company announced that it was laying off an additional seventy three workers from its new materials factory in Siler City, which is located in Chatham County. Those layoffs will officially take place coming up in a few months on august the ninth. The company also recently notified investors about growing concerns over risks and cuts to its 2026 revenue target outlook to just $850 million. That is significantly below its expectations.
Wolfspeed currently had about 5,000 workers or did have, in fact, 5,000 workers worldwide last summer, with the vast majority of them being in the RTP, the Research Triangle area.
However, with some troubling signs in November of last year, it was announced that they would be reducing its workforce by 20%, with most of those layoffs taking place in the Durham location. And with more layoffs, buyouts, and just normal attrition rates, more than 25% of that global workforce has been reduced since the middle of last year. In this, we continue to track and follow some of the details out of Wolf Speed as it was planned to bring thousands and already did have thousands of jobs in North Carolina.
Some of those futures are very much uncertain this morning. We'll keep an eye on the details right here on the Carolina Journal News Hour. Taking a look at some other news this morning, North Carolina professionals moving from neighboring states will soon have a clearer path to continuing their career. This is thanks to an advancement of the Neighbor State License Recognition Act, or House Bill 763. Senator Tom Moffat, Timothy Moffat rather, the Republican out of Henderson County, presented the bill to the Senate Rules and Operation Committee yesterday morning.
The legislation allows individuals licensed in Georgia, South Carolina, Tennessee, Virginia, or West Virginia to apply for equivalent occupational licenses in North Carolina without having to start the process off from scratch. The law applies to a wide range of professions regulated by the state licensing board, but excludes certain fields, including healthcare providers, architects, engineers, lawyers, CPAs, veterinarians, and licensed financial professionals. Those industries will continue to operate under their own licensing standards and reciprocity agreements. When answering a question posed by Senator Warren Daniel out of Burke County on whether this is a reciprocity bill, Senator Moffitt explained that this bill aims to make it easier for license holders to continue their occupation. He explained it by saying this: if you're an occupational license holder in one of these five states and you establish residency in North Carolina, instead of going through the hurdles to get your occupational license, this would grant you an automatic license.
So with that, Senator Daniel followed up with a hypothetical situation. He said, say you're licensed in North Carolina, but you live in Virginia. In order for this to apply, are we requiring that other states give us the same treatment, or is this a unilateral benefit that we are just giving to other states? Moffitt deferred two staff to answer the question with legislative analysis, saying that it would be in fact unilateral. Daniel contended that it may be worth seeing reciprocity from other states under this legislation if it is set to move forward.
North Carolina licenses more than 40 occupations in the state, according to a paper released in March by economist Edward Timmons and Connor Norris of the John Locke Foundation. Moffat emphasized the need for occupational licensing reform in North Carolina by referring to the history of the bill. And with that, it has now passed the Senate Rules Committee and is headed to the full Senate floor for a vote that will be taking place next week.
Some of these licensures could be, they are a major hurdle for many individuals. And I guess some of the commentary from lawmakers is if you're already licensed for that in one of our neighboring states, we should grant you an automatic license. We will watch that debate take place on the Senate floor next week if any relevant details do come. Forward, we'll pass them along to you right here on the Carolina Journal News Hour. It is Ryan here, and I have a question for you.
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I'm Nick Craig. Good morning to you. Some relief for ratepayers, those that pay utility bills across the state of North Carolina. Could be coming soon as the North Carolina legislature gave final approval to the Power Reduction Act. They did that yesterday in the General Assembly.
The legislation would eliminate the state's statutory goal to cut carbon emissions by 70% by the year 2030. Senate Bill 266 passed the Senate in a 29 to 11 vote and now heads to the governor's desk after the chamber voted to concur with some of the changes out of the North Carolina House. Supporters say that the policy change could save North Carolinians up to $15 billion in future energy costs and will help meet some of the skyrocketing power demands that exist throughout the state of North Carolina. Senator Tim Moffitt, the Republican out of Henderson County, noted this eliminates the interim date for carbon reduction, but it also maintains the 2050 goal. That maintaining of that 100% goal is the long-term portion of this legislation, which would reduce 100% of carbon emissions from the 2005 levels by 2050.
So whatever the carbon emissions were in North Carolina in 2005, those have to be reduced 100% by 2050.
However, it removes the requirement that utilities hit this interim 2030 milestone.
So utilities like Duke Energy must still file long-range carbon plans with the North Carolina Utilities Commission, but its focus now shifts to the longer-term goal of net zero instead of this interim 2030 goal. Senator Moffitt said in a press release, quote, if our state wants to remain competitive globally, We need to take steps now to keep our energy sources reliable and lease cost. By tackling these proactive steps, our residents and job creators can confidently build a future here knowing that blackouts and astronomical utility bills won't plague North Carolina. The move to repeal the 2030 goal gives more flexibility in North Carolina's energy makeup, enabling power utilities like Duke to use things like natural gas, nuclear, and other emerging forms of technology alongside your traditional renewables, which most understand as wind and solar, all of that without being restricted by what many believed were politically driven deadlines. The leader of the North Carolina Senate in Phil Berger said, Our residents shouldn't be saddled with higher power bills to satisfy arbitrary goals.
Senate Bill 266 ensures that North Carolina will have reliable energy at a competitive price to serve our citizens and businesses. Governor Stein must sign this bill immediately. Beyond eliminating the interim 2030 carbon reduction deadline, the legislation makes other regulatory changes. There's a program called CWIP, C-W-I-P, that allows utility companies to begin writing off and getting incentives for not fully built electrical plants, whether that be natural gas or nuclear. And according to this legislation, CWIP would be permitted only if the North Carolina Utility Commission determines it would create an overall cost saving to the customer over the facility's lifetime.
It would also require annual review of any facility that is using CWIP to ensure that accountability and cost-effectiveness continues to take place. The legislation also implements a new financing mechanism to help reduce the construction costs of new facilities by about 5%. According to Donald Bryson, the CEO of the John Locke Foundation, by repealing the interim 70% carbon reduction mandate by 2030, this legislation removes a key pressure point that would have shoehorned nondispatchable resources like wind and solar onto North Carolina's grid, regardless of the cost or the reliability. This is a smart, bipartisan step that gives the Utilities Commission more flexibility to pursue a balanced energy mix that keeps power affordable and dependable for ratepayers and businesses alike. With that, the bill has now successfully moved its way through both the North Carolina House and Senate and currently sits on Governor Josh Stein's desk for a signature.
We'll keep you up to date on those details right here on the Carolina Journal News Hour. That's going to do it for a Friday edition. WBT News is next. Followed by Good Morning BT. We're back with you Monday morning, 5 to 6, right here on News Talk 1110 and 99.3, WBT.
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