Now Progress Energy has upset their ratepayers. As the St. Petersburg Times reports today, ratepayers were slapped with a 24 percent increase in their rates in January, about half of which was to pay in advance for the construction costs of a nuclear power plant. The plant is not due online until 2017, and is to cost $17 billion. The increased rates are to collect $5 billion in advance of construction, thereby reducing the amount of borrowing for construction.
One can only wonder what the utility will do with the money it collects, put it in a shoe-box? Perhaps invest in a CD yielding 1 percent interest? Spend it on executive perks? Buy stocks that could become worthless?
Note to the 3.1 million Florida residents in the Progress Energy service area: Home Solar Panels. You are in Florida, where the sun shines! Generate your own power, and sell some back to the utility.
Roger E. Sowell, Esq. aka energyguy on townhall.com
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