entrepreneurship • economic development • global ... · entrepreneurship “entrepreneurs...
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ENTREPRENEURSHIP • ECONOMIC DEVELOPMENT • GLOBAL COMPETITIVENESS Frank Hawkins Kenan Institute of Private Enterprise
Driving Economic Development Municipal Power Agency Relief Committee Presentation • January 10, 2012
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The Leading Edge
“Those who can read
the handwriting on the
wall before others
even see the wall will
catapult to success” —John Kasarda
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Entrepreneurship
“Entrepreneurs embody the promise of America: the idea that if you have a good idea and are willing to work hard and see it through, you can succeed in this country.”
—Barack Obama
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Economic Development
“Economic development
is really a team sport.
And I know of no other
sport as competitive as
economic development.” —Jim Kelley
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Global Competitiveness
“Globalization is forcing
companies to do
things in new ways.” —Bill Gates
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Frank Hawkins Kenan
Frank Hawkins
Kenan
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ECONOMIC
DEVELOPMENT
REACHING FOR PROSPERITY
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Kenan Institute Eastern North Carolina Initiative
• Twin County Business Growth Initiative
• Business of Biofuels Research
• City of Kinston Economic Redevelopment
• City of Rocky Mount Downtown Initiative
• Hertford Green Marina
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ECONOMIC IMPACT OF ELECTRICITY RATES
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NC ELECTRICITY
Duke Power/Progress Energy—Investor Owned NCMPA1, NCEMPA — Public
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NCEMPA AGREEMENT
• History of rising power demand at end of 1970s/early 80s
• Supply security
• Cost of plant construction and resulting debt service.
• Estimated $1.1/four reactors → $4 billion/one)
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Electricity Prices (Residential) in North Carolina, 2009
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Electricity Prices (Commercial) in North Carolina, 2009
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Residential Electricity Prices and Per Capita Income
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EASTERN REGION
RESIDENTIAL COST
DISPARITY
• NCEMPA Avg. Price (cents/kWh) 13.6
• North Carolina Avg. Price ( cents/kWh) 9.9
• US Avg. Price (cents/kWh) 11.43
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EASTERN REGION
COMMERICAL/INDUSTRIAL
COST DISPARITY
• NCEMPA Avg. Price (cents/kWh) 11.4/8.7
• North Carolina Avg. Price ( cents/kWh) 7.9/5.99
• US Avg. Price (cents/kWh) 9.8/7.83
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CUMULATIVE COST
DIFFERENTIAL 2009
• NCEMPA $240 million more relative to average NC electricity prices
• $30M in Rocky Mount, $43M in Greenville, $45M in Wilson
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NEXT STEPS
• In-depth analysis of
economic impact of high
electricity rates in ENC
• Business Survey
• Consumer Analysis
• Rate Analysis
• Debt Alternatives
• Develop sustainable
economic development
model- Job/Consumer
focused
• Design pilot for
implementation
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Questions?
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Contact Information:
Thomas Stith, Program Director
Economic Development
Kenan Institute of Private Enterprise – UNC
Chapel Hill
919-962-8444