Duke CEO: Ratepayers will cover coal ash cleanup

[Ichingcarpenter]

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.



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.


http://www.wral.com/duke-ceo-ratepayers-will-cover-coal-ash-cleanup/13460600/

[nadinbrzezinski]

1. Ok, let's pretend surprise here m'kay?

Just for variety sake.

[sakabatou]

2. Goddamit

[world wide wally]

3. And the government supports this thievery by a corporation.

I believe that is the definition of facism.

[KansDem]

4. How about "reverse bonuses?"

How about instead of giving Duke CEOs bonuses, they are given "reverse bonuses?" They made the mess; they pay to clean it up.

When did "capitalism" and "responsibility" become antonymous?

[Downwinder]

5. Privatize the profits, Socialize the losses.

Who says Capitalism and socialism cannot coexist?

[djean111]

6. Well, ratepayers and then taxpayers have to pay for nuclear crap - at least

Duke is being up front about the greed. And this is the sort of thing we are all supposed to bear because profit, and not the earth, is what is really important.

At this very same time, ALEC is successfully working against solar. Because the assholes cannot block the sun, or charge for sunshine.

I suppose the nuclear enthusiasts will be along any time now, to crow that nuclear waste is lots better than coal ash.

[ReRe]

7. Well, someone's got to pay for the clean-up....

... and it damn sure isn't going to be Duke Energy.

[Scuba]

8. Not to worry, Good will still get his bonus.

[Voice for Peace]

9. which is it? ok answered.

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.

edit: missed this part of her quote:
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 that cost."

[alcibiades_mystery]

10. Here's how it should work

You pollute and you're found liable? You go directly into government receivership. A special manager takes over your day-to-day operation, making sure that every cent of profit you make is earmarked for cleanup. You are prevented from raising rates one penny without a clear rationale emerging from outside of the profit, to be determined by the special manager. There must be a clear line from upstream costs to rate increases, and no costs associated with the pollution or its remediation can be included in that. You don't make a red cent of profit until the clean-up is complete and all pollution fines are paid. Any mandated state actions (i.e., moving coal ash pits) are included in clean-up costs.

If it worked like that, there would be much less pollution, and clean up of any accidents would be swift and comprehensive.