Tag Archives: guaranteed profit

Editorial: Repeal abusive nuclear fee bill

11/12/14 — ocala.com It is unconscionable that Duke Energy is sitting on $1.5 billion of ratepayers’ money that was collected to pay for two now-canceled Levy County nuclear power plants and refusing to refund the money. Even more outrageous is that the Florida Public Service Commission, which is appointed by the Legislature to represent the “public” interests in utility matters, has refused to order the company to do so.

Now comes state Sen. Charlie Dean, R-Inverness, who represents a good portion of Marion County, with proposed legislation to repeal the notorious “nuclear cost recovery fee” legislation that allowed Duke to collect the money in the first place.

The law was passed in 2006 to encourage Florida utilities to build nuclear power plants. The companies, especially large ones like Duke and Florida Power & Light, convinced lawmakers that it was wiser to pay for the mega-costly facilities — the Levy plants would have cost in excess of $24 billion — by collecting money from customers up-front. Problem is, there was no provision for refunding the money if it was not used for its intended purpose.

Read the whole article: ocala.com

Money and power: How much will Georgia Power’s nuclear reactors cost us?

By Joeff Davis
ATLANTA 9/25/14 — Have you glanced at your electric bill lately? Next time it arrives in the mail, give it a closer look.

You might not have noticed, but your monthly bill has increased over the last few years. And it’s not because you are using more energy. It’s because we, the Georgia Power ratepayers, are helping to finance the construction of the utility’s new nuclear reactors at Plant Vogtle. Located approximately 175 miles southeast of Atlanta, the reactors are the first new ones to be approved in the United States in nearly 30 years.

Though it doesn’t say so on your bill, ratepayers are paying more than they were in 2011. And you’re not using a kilowatt more. When those reactors come online, you might pay even more. Your monthly bill could soar because the project suffers from delays and cost overruns. You’ll be footing the bill without knowing the costs ahead of time. It’ll be sticker shock. For a project that was shoved down our throats, we deserve more transparency.

Read the whole article: Creative Loafing

AARP Aims To Rally Opposition Against Georgia Power Rate Hike

by Jonathan Shapiro
ATLANTA 12/6/2013 — AARP is aiming to rally opposition against Georgia Power’s latest rate hike request through radio and internet ads.

Radio Ad: “Even after four years of rate hikes, Georgia Power is asking for another increase.”

The ads come despite a tentative deal reached last month between the power company, state regulators, and consumer groups to lower the rate request from $1.46 billion to $873 million.

Read the whole article: WABE 90.1

AARP fires back over Georgia Power rate hike

By Walter C. Jones
ATLANTA 12/2/13 — Georgia Power agreed last month to settle for a smaller rate hike than it had wanted, an agreement that won endorsement by nearly a dozen consumer, environmental and business advocacy groups, but one organization is fighting it.

The retiree-advocacy AARP is airing radio and online commercials and pushing a petition to urge the five members of the Public Service Commission to nix the agreement negotiated by its public-interest staff that slices the rate hike almost in half. Monday, the 1-million-member group reported collecting almost 3,000 signatures.

Its advertisement on WSB-AM in Atlanta points people to a website action.aarp.org/GAutilities where they can voice their opposition to the rate hike still part of the agreement as well as the reduced profit target. Georgia Power is accepting a reduction from 11.15 percent to 10.95, but the ad says that’s higher than the national average for other regulated monopoly utilities.

“In these tough economic times, Georgia families deserve to keep more of their hard-earned money in their pockets – by paying Georgia Power what’s fair and reasonable, and not a dime more,” said AARP spokesman Ed Van Herik.

Read the whole article: Florida Times-Union

Agreement would lower earnings target for Ga Power

by Ray Henry
ATLANTA (AP) 11/18/13 — Georgia Power would accept a lower return on shareholder investments and ditch a proposal to charge special rates for rooftop solar power under a preliminary agreement reached Monday.

The Southern Co. subsidiary reached a tentative deal with Georgia utility regulators to set its rates through 2016. It would reduce the value of the rate increases sought by the utility by more than $500 million over a three-year period, according to regulatory filings. The agreement must still be approved by the elected members of the Public Service Commission, though they typically ratify such deals.

Utility shareholders who invest money in the electrical grid would get a lower return on their investments. The return would drop to 10.95 percent from the current 11.15 percent. Georgia Power originally wanted an 11.5 percent return on its shareholder investments.

Read the whole article: Houston Chronicle

stopcwip.com

Repeal Georgia Nuclear Tax