Tuesday, January 25, 2011

Duke Energy and Progress Energy are combining forces into one giant company, the largest electric utility in the nation. But all their cash flow and technological wizardry is still not enough to convince Wall Street to endorse building multiple nuclear power plants as the smartest energy future for America. Wall Street wants a no-risk guarantee, and the power companies plan to use their combined lobbying muscle to get the NC General Assembly to deliver exactly that. The utilities want a new law to require ratepayers to pay the cost of nuclear construction as it is happens – and keep paying even if the plants are never finished – so no investor will lose a dime. NC WARN is sounding the alarm about this proposal to hand a blank check to Duke/Progress; the group’s fact sheet is loaded with details. Meanwhile, the utilities are readjusting to the General Assembly’s shift from Democratic to Republican control. They’ve hired Tom Fetzer, the 2010 NC Republican Party chairman, as lobbyist and public relations expert. And they’re showering Republicans with more money – technically, campaign money – including curious $4,000 donations from Progress Energy’s PAC to top leaders Thom Tillis and Phil Berger that were made in mid-December, long after the election.