As we near the reality of our first rate increase since January 2013, this issue of Tideland Topics builds on my July 2019 message recapping major projects completed during our last four-year construction work plan. In that time our net electric plant assets increased $16.3 million, reflecting a signicant investment in service reliability. Not surprisingly, long-term debt also increased $8 million.

Our new work plan is no less aggressive as we manage the realities of an electrified life in such a beautiful yet vulnerable part of North Carolina. Below you will find descriptions of four major construction projects included in our current $31.6 million, four-year work plan. Together the highlighted projects will account for just under $9 million of the $31 million investment required to continue hardening our electric system and increasing capacity to meet growing consumer demand. In some cases, we’re opting for entirely new materials that will not only change the appearance of our infrastructure along many roadways but achieve greater durability, enhancing both reliability and longevity.

Major Construction Projects

• Intelligent Pole Design
• Managing a Changing Landscape
• Merritt Circuit Upgrades
• Rocking Resiliency with Heavy Metal

Some project parameters and their timing were dictated by the unceasing forces of nature. Such is the case with the submarine cable extension slated for early 2020 on the rapidly eroding south end of Hatteras Island. Fortunately, we’ve had impeccable service from the existing submarine cable that is now nearing 20 years of service.

Every system investment is made with both current and future ratepayers in mind. We work hard to balance affordability and reliability. We’re proud to have accomplished so much since 2013 while also implementing a rate decrease in July 2014. Furthermore, we have been able to issue member credits totaling more than $12 million since 2013 through a combination of member capital credit refunds and wholesale power cost adjustment (WPCA) credits.

We’ll continue to update you on significant construction projects as work progresses in Tideland territory.