jeff hewitt • 3 years ago
only a Total fool would not realize this could easily be the same case in NJ ; Trenton is notorious for insider trading deals ; let's also mention NJ has one of he highest kilo watt rates in the US ; last time I looked the energy technology is the same across the US no one has an advantage
While I don't doubt lobbyist dark money played a major role in securing the $300 million adder to utility customer bills here in NJ, PSE&G and Exelon are much more sophisticated and sensitive to the law and public perception, than First Energy to have done anything like this. Whatever they did in terms of bolstering support for this bill was almost certainly done legally. None the less, this is yet another illustration of the desperate straits utilities who are in mature service territories will go to in order to meet the expectation of shareholders and difficult promises made by management to the investing community. It reminds me of John DeLorean's drug traffic-ing scheme to preserve his car company back in the 80's. Desperate people take extreme risks and push the envelope. Mature service territories like those of PS and Exelon are not growing in population or economy and in turn, the energy demand in their territories is similarly stagnant. In order to meet the lofty promises on earnings and cash flow made by management to the investing community, they get creative, push the envelope and cut corners. Having holding companies that are composed of both businesses that should be regulated (transmission and distribution) and businesses that should not be regulated (generation, renewables, efficiency, electric vehicles, etc.) will continue to force management who would otherwise be sensitive to laws and business ethics, to straddle the fence on legality and ethics. This chicanery and adventurism would cease if legislators and regulators had the sense to restructure electric utilities in New Jersey so that the type of initiatives that foster illegal activities or aggressive programs that end up costing ratepayers more than they need pay for electric service, are eliminated.