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Duke Energy Coal ash mess: Ratepayers to foot the bill; Governor (R) won't speak

NFS4

No Lifer
Oct 9, 1999
72,640
8
81
Now ain't this some bullshit? Duke Energy fucks up, and we have to foot the bill. And of course, Governor McCrory, who was a former Duke Energy exec ain't saying a word.

Duke Energy CEO Lynn Good said Friday that ratepayers will shoulder most of the cost of emptying out the utility's 31 coal ash ponds in North Carolina.

Governor Pat McCrory, a former Duke executive who benefited from more than a million dollars in direct and indirect campaign donations from the utility and its employees, declined to take a position on Good's statement.

Duke spokeswoman Paige Sheehan stressed the company, not its customers, will pay to clean up the company's recent 39,000-ton coal ash spill in the Dan River.

But if the state requires the utility to close down and move its other existing ash pits, then ratepayers, not shareholders, will likely pay most of the cost.

Sheehan referred WRAL News to remarks by Duke Energy CFO Steve Young on a recent corporate earnings call, talking about environmental compliance costs.

"We currently estimate we will spend between $4.5 billion and $5.5 billion over the next 10 years, with $900 million expected to be spent in the 2014 to 2016 time frame," Young told investors on the Feb. 18, 2014 call.

"Approximately 85% of our expected environmental compliance investments will be in the Carolinas and Indiana. Both of these jurisdictions have a strong track record of allowing utilities to recover costs related to environmental compliance investments," Young said.

Cost "recovery" means a utility's ability to charge its costs back to customers in higher rates, rather than taking costs out of company profits, which would mean lower earnings for shareholders.

Duke Energy's profits for the past fiscal year were $2.7 billion, with shareholder earnings up 25% over the prior year, largely on the strength of the company's controversial merger with Progress Energy.

Asked whether the governor believes utility customers, rather than corporate shareholders, should be asked to cover the cost of emptying the company's ash ponds, McCrory spokesman Ryan Tronovitch wouldn't answer.

"At this point we’re still gathering information and we have asked Duke to send their plans to DENR, but at the end of the day this will be handled by the Utilities Commission. The governor has stressed that there needs to be an ongoing public dialogue and that certainly applies to the cost of cleanup as well."
http://www.wral.com/duke-ceo-ratepayers-will-cover-coal-ash-cleanup/13460600/
 
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Matthiasa

Diamond Member
May 4, 2009
5,757
22
81
Just think of it as a payment correction to what they would have been paying if they had done it right to begin with.
 

Vic

Elite Member
Jun 12, 2001
47,637
7,708
126
Private profits, public losses. What are you, some kinda commie?
 

ivwshane

Lifer
May 15, 2000
28,200
8,044
136
See this is what happens when the government runs the energy business! If energy was ran by a private company this would have never happened because people would have simply gone to a competitor before any damage was ever done!


/s

Sophitia how did I do?
 

Vic

Elite Member
Jun 12, 2001
47,637
7,708
126
Just think of it as a payment correction to what they would have been paying if they had done it right to begin with.
And all the dividends that went to the shareholders? Do those get "corrected? "
 

Fern

Elite Member
Super Moderator
Sep 30, 2003
26,916
172
106
The governor did speak:

"At this point we’re still gathering information and we have asked Duke to send their plans to DENR, but at the end of the day this will be handled by the Utilities Commission. The governor has stressed that there needs to be an ongoing public dialogue and that certainly applies to the cost of cleanup as well."
From my limited understanding of such utilities the commission approves such cost increases.

Seems to the commission is suppose to ensure companies have some profit, but not too much.

If it was a fine or penalty it should be borne by the shareholders.

If this expense is from new regulations then it will be ratepayers. Regulations change how a company does business. They have costs folks.

Fern
 

Jhhnn

No Lifer
Nov 11, 1999
61,131
13,071
136
Just think of it as a payment correction to what they would have been paying if they had done it right to begin with.
I suspect it'll cost a lot more to move it than to have dealt with it properly in the first place.
 

Thebobo

Lifer
Jun 19, 2006
18,596
7,665
136
Duke Energy's profits for the past fiscal year were $2.7 billion, with shareholder earnings up 25% over the prior year, largely on the strength of the company's controversial merger with Progress Energy
I think they can afford it. And there is the EPA Superfund.
 

cubby1223

Lifer
May 24, 2004
13,525
42
86
This is a part of what happens without competition in the marketplace. The business dictates the terms because what are you going to do, not use energy?
 
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sportage

Diamond Member
Feb 1, 2008
8,882
1,161
126
Corrupt company, corrupt governor = dumb voter.
Get out you're wallets, dumb asses.
 

ivwshane

Lifer
May 15, 2000
28,200
8,044
136
This is a part of what happens without competition in the marketplace. The business dictates the terms because what are you going to do, not use energy?
Lol! Yeah what we need is more energy companies competing against each other battling for who can provide the cheapest electricity! I'm sure things like safety will be a top priority when profits are smaller because of more competition. All communities need is more than one pipe line going through their town!

I'm sure it would never end up like the cable companies or service providers who have an unspoken, non government mandated, rule about not offering services in your competitors market! The competition in those arenas is awesome!

/S
 

Moonbeam

Elite Member
Nov 24, 1999
66,503
3,260
126
Where you find a concentration of dumb fuck conservative voters, you find a population with a corporate dick up its ass so delusional and dazed by right wing media they have no idea what really hit them.

"Coal is black and that means its all the fault of Obama. He's the one who raised the rates."

A conservative vote is a vote to fuck the American people. So if you vote conservative you vote to fuck yourself. You know who to thank. You can thank your brain defect.
 

Greenman

Lifer
Oct 15, 1999
16,655
2,168
126
Where you find a concentration of dumb fuck conservative voters, you find a population with a corporate dick up its ass so delusional and dazed by right wing media they have no idea what really hit them.

"Coal is black and that means its all the fault of Obama. He's the one who raised the rates."

A conservative vote is a vote to fuck the American people. So if you vote conservative you vote to fuck yourself. You know who to thank. You can thank your brain defect.
Is there nothing left but anger and hate moonie? Have you completely lost the ability for any sort of rational thought or human compassion?
You post the same worn out nonsense time and again, you cling to this stupidity as if it had meaning or value, and then you get angry when others won't accept your madness as fact. I've come to the point where I pity you for the horrible world you've created for yourself. If you're anything but a troll, you have my sympathy.
 

Moonbeam

Elite Member
Nov 24, 1999
66,503
3,260
126
Is there nothing left but anger and hate moonie? Have you completely lost the ability for any sort of rational thought or human compassion?
You post the same worn out nonsense time and again, you cling to this stupidity as if it had meaning or value, and then you get angry when others won't accept your madness as fact. I've come to the point where I pity you for the horrible world you've created for yourself. If you're anything but a troll, you have my sympathy.
What compassion do you want me to show people who fuck themselves and deny they are doing so, my dear friend? Do you think that I want you to do this to yourself? Do you think I will not know what your reaction to these facts will be? Do you think I want you to wander around in the darkness of your own mind like a drunk in a mine field? How will you ever see? You are deaf dumb blind and stupid to your condition, and put the world at risk because of it, and you expect compassion from me. What kind of judge of the nature of real compassion could a person in your condition perceive? Just imagine if the depth of my compassion and the weight my heart feels equals the magnitude of your brain defect. That would be enough compassion to bury you if you could only know what you feel.

Get your weight on your feet and stand up you whining little victim and take the truth like a man. Your brain is fucked and you're the one who has no compassion for yourself. You hide from your pain because you're a candy ass. I know exactly who the fuck you are, dunce, you're exactly like me except that I feel what you won't. Your hate for yourself is massive and it is all a lie. Now run along and pretend I'm insane.
 

Greenman

Lifer
Oct 15, 1999
16,655
2,168
126
What compassion do you want me to show people who fuck themselves and deny they are doing so, my dear friend? Do you think that I want you to do this to yourself? Do you think I will not know what your reaction to these facts will be? Do you think I want you to wander around in the darkness of your own mind like a drunk in a mine field? How will you ever see? You are deaf dumb blind and stupid to your condition, and put the world at risk because of it, and you expect compassion from me. What kind of judge of the nature of real compassion could a person in your condition perceive? Just imagine if the depth of my compassion and the weight my heart feels equals the magnitude of your brain defect. That would be enough compassion to bury you if you could only know what you feel.

Get your weight on your feet and stand up you whining little victim and take the truth like a man. Your brain is fucked and you're the one who has no compassion for yourself. You hide from your pain because you're a candy ass. I know exactly who the fuck you are, dunce, you're exactly like me except that I feel what you won't. Your hate for yourself is massive and it is all a lie. Now run along and pretend I'm insane.
Don't ever think you're like me moonie, if you were you'd have the ability to see the reasoning and thought process of most others, that's something you're incapable of.
I don't think you're insane, I do think your limited and frustrated because of it.
 

DucatiMonster696

Diamond Member
Aug 13, 2009
4,269
1
71
Lol! Yeah what we need is more energy companies competing against each other battling for who can provide the cheapest electricity! I'm sure things like safety will be a top priority when profits are smaller because of more competition. All communities need is more than one pipe line going through their town!
Actually safety would be a top concern because consumers would have a choice on who to do business with in the end. Which does not occur when there is a monopoly in place and no way for other competitors to enter the marketplace and provide a product that emphasis safety and/or lower costs at the same time.


I'm sure it would never end up like the cable companies or service providers who have an unspoken, non government mandated, rule about not offering services in your competitors market! The competition in those arenas is awesome!
Cable companies maintain their monopolies by imposing regulations and taxation that is high enough to keep competitors out of their markets. It is why Google Fiber will not be arriving in many cities where Google is forced to pay the same high franchise taxes as the dominate cable company monopoly. Google wants to compete on price and service but it can't not and will not do so if it is forced to deal with and prop up the barriers of competition that keep cable companies dominate in certain areas.
 

DucatiMonster696

Diamond Member
Aug 13, 2009
4,269
1
71
See this is what happens when the government runs the energy business! If energy was ran by a private company this would have never happened because people would have simply gone to a competitor before any damage was ever done!


/s

Sophitia how did I do?
Duke Energy is a state backed monopoly supported by state politicians and political parties just as PG&E is propped up and supported by the dominant political party in CA.

Additionally both Duke Energy. PG&E and other state propped up utility monopolies have been strong at work undermining solar power alternatives and pushing mandates and regulations to prevent people from removing themselves off the grid and not paying into even though they are able to sell back their excess energy to these state backed power utility monopolies. In the end your blind belief that the state is keeping safe or the that the electorate is working toward a common good is a false illusion.
 

Fern

Elite Member
Super Moderator
Sep 30, 2003
26,916
172
106
Where you find a concentration of dumb fuck conservative voters, you find a population with a corporate dick up its ass so delusional and dazed by right wing media they have no idea what really hit them.

"Coal is black and that means its all the fault of Obama. He's the one who raised the rates."

A conservative vote is a vote to fuck the American people. So if you vote conservative you vote to fuck yourself. You know who to thank. You can thank your brain defect.
NC has only had a Repub governor for about a year.

For the previous 20 yrs they were all Dems.

The Repubs gained control of the legislature only in 2010, it was the first time in over 100 yrs.

So, in your post above you misspelled 'liberal'.

Fern
 

ivwshane

Lifer
May 15, 2000
28,200
8,044
136
Actually safety would be a top concern because consumers would have a choice on who to do business with in the end. Which does not occur when there is a monopoly in place and no way for other competitors to enter the marketplace and provide a product that emphasis safety and/or lower costs at the same time.




Cable companies maintain their monopolies by imposing regulations and taxation that is high enough to keep competitors out of their markets. It is why Google Fiber will not be arriving in many cities where Google is forced to pay the same high franchise taxes as the dominate cable company monopoly. Google wants to compete on price and service but it can't not and will not do so if it is forced to deal with and prop up the barriers of competition that keep cable companies dominate in certain areas.

Nothing but wishful thinking right there. The auto industry which according to your logic would also make safety their number one concern and there have been plenty of examples where a safety issue isn't addressed despite the auto manufacture knowing about it. Not only that but there are plenty of examples throughout that shows consumers don't prioritize safety concerns or even care about them (see the history of the seat belt for example).

Instead what you have stated is the theory of how capitalism is supposed to work but like communism, theory and reality don't always jive.
 

ivwshane

Lifer
May 15, 2000
28,200
8,044
136
Duke Energy is a state backed monopoly supported by state politicians and political parties just as PG&E is propped up and supported by the dominant political party in CA.

Additionally both Duke Energy. PG&E and other state propped up utility monopolies have been strong at work undermining solar power alternatives and pushing mandates and regulations to prevent people from removing themselves off the grid and not paying into even though they are able to sell back their excess energy to these state backed power utility monopolies. In the end your blind belief that the state is keeping safe or the that the electorate is working toward a common good is a false illusion.
My energy prices have only gone up twice; once when the energy was controlled by Enron and ever since these alternative energy companies/options have been popping up. I guess higher prices are just a side benefit of capitalism.
 

Moonbeam

Elite Member
Nov 24, 1999
66,503
3,260
126
Wow! Looks like someone got a strike after days of chumming and trolling the forum.

I still find pudding to be more interesting.
I can always make you dance. You are probably finger puppet number two and three.
 

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