Flicker Plunder & Loot!

In a time of recession and job losses the FPL group has deiced that it would be a good time to ask for a rate increase. People are strapped for cash, dealing with layoffs, pay cuts and furloughs. Florida's unemployment rate now tops 10 percent, and we're among the nation's leaders in home foreclosures. Yet in FPL land, executives enjoy 10 percent increases in their pay packages and get to fly private jets to annual physicals. In its rate-hike request, FPL said it needs a 12.5 percent return on equity to attract investors. Here’s some interesting reading from Standard & Poor’s, the credit rating agency that also publishes stock research and analysis. Last week, the firm’s Outlook website highlighted FPL Group as its “focus stock of the week.” It rated FPL group a “strong buy” and projected the stock price (which opened this morning at $57.05) would have a 12-month target price of $68.
An excerpt from the report:
“This past March, FP&L filed a petition with the FPSC requesting an increase in its authorized rate base that, if approved as requested, could increase annual year-over-year retail base revenues by about $1 billion in 2010 and by an additional $250 million in 2011.
While we do not anticipate the FPSC approving the requested increase in its entirety, the regulatory environment in Florida has been historically constructive, and we expect FP&L to receive a good portion of the requested hike.”

“The regulatory environment in Florida has been historically constructive.” Translation -- Florida regulators don’t stand in the way of utilities (and their investors) from making big bucks, even in the toughest of times for everyone else.
Ah, good old Flicker Plunder & Loot. Always trying to get more money instead of investing what they already make in supporting a Feed in Tariff. Instead of innovation and moving forward and helping out the recession FPL is planning on biting the hands that feed it. I know how hard it is to deliver power in this region, what with all the thunderstorms and hurricanes. Especially for a publicly regulated monopoly that's guaranteed a profit no matter what.
In my opinion what we need now more than ever is a FARE policy with either Feed in Tariffs or a respectable Renewable Portfolio Standard in our state. That compiled with the already great tax credits and rebates we get should be more than enough reason to install solar thermal in your house today. If we don’t stop Flicker Plunder & Loot now they will just get greedier and greedier in the coming years.

To have your say, send comments to the PSC Clerk, 2540 Shumard Oak Blvd., Tallahassee, FL, 32399-0850. Or e-mail the commission at contact@psc.state.fl.us or fax 800-511-0809. Refer to FPL rate increase/Docket 080677-EI.

[smartcounter:4]