While the debate rages on about the Duke-Progress merger and the NC Legislature becomes more determined to create a dirty energy policy for our state, another course is being charted – one that does not involve fracking, offshore drilling, coal-fired power plants or more nuclear power.
#1 – While some in the mainstream news media (and the Utilities Commission Public Staff) seem surprised that former progress chief Bill Johnson (right) has now been muscled out of the way and given a platinum parachute by the big Monopoly game winner Jim Rogers (left), my first reaction was: How could you not see this coming? Fat cat, empire-building CEO’s like Rogers are not about sharing power; they’re about winning it and grabbing more. The bottom line here is that Rogers came to this game with more weapons and almost certainly always intended to emerge “victorious.” All the public talk about cooperation and merger were almost certainly p.r. bull.
#2- And as for Johnson, Read More…
Duke Energy’s electricity rates are poised to continue skyrocketing over the next few years, but only some customers will feel the burn. While the utility lures the world’s elite technology giants to NC by offering cheap electricity, captive small business and residential customers are charged higher rates. The rate structure is patently unfair and is being challenged before the NC Utilities Commission by environmental watchdog NCWARN.
While this issue has been debated before Commission in the past, Duke Energy has successfully negotiated it away. The NC Attorney General also recognizes the unfairness but has yet to force a resolution to protect consumers. Read More…
On tax day, here’s some news that will make your blood boil – Citizens for Tax Justice re-released its report about Fortune 500s federal tax payments from 2008 through 2010, adding new information for 2011. One of our NC based companies – Duke Energy – paid a net federal tax bill of negative 3.5% for those years.
Duke Energy just received a big fat rate increase, is looking for another one this year and would love for the legislature to give them the ability to get even more money out of ratepayers to pre-fund nuclear power plants – plants that even Wall Street won’t invest in.
The report also shows that if companies actually paid the 35% corporate tax rate, it could help reduce the nation’s deficit. If the Fortune 500s had paid the full 35% corporate tax rate between 2008 and 2011, we’d have $78.3 billion more in federal tax income.
Thanks to NC WARN for bringing this report to my attention.