Thread by @PattyforGaPSC

Plant Vogtle’s hidden costs: Ga Power’s unusually high ROE (10.5% vs 9.5% industry norm) was made by the Ga PSC and @timechols to cover the financial risks of Plant Vogtle from bond markets and Wall Street shareholders due to poor management and delays of the project.

Not only ROE but also the earnings band (250 basis points so really, a 12% ROE) and an unusually rich capital structure of 56% equity to 44% debt compared to industry norms of 51% equity to 49% debt that the GA PSC @timechols has been granting Ga Power since 2019.

Added together these three crazy high profits for Ga Power total $740 million in excess profits annually, since 2019. That money is coming from our bills. Each Georgia household is paying $278 extra annually for these votes and decisions by the commission.

It’s clear that the Ga PSC is granting Ga Power rich profit metrics (ROE, earnings band and capital structure) to avoid problems with stock and bond markets from the high risk Plant Vogtle project. @timechols is on video saying as much at the 2019 rate case hearing on 12/17/19.

Here it is (video begins at relevant spot, just listen for 20 seconds): Listen for Echols to say “I will not entertain an amendment (in response to McDonald asking for a lower ROE), because “that would trigger a downgrade, especially after what I heard ...

last week in New York”. What did he hear? The week before on 12/12/19 @timechols was in New York meeting with bond analysts at Bank of America to find out what they wanted the commission to do to prevent a bond rating downgrade. Here is his tweet about that:

So let's be clear about what's going on here. The huge rate increases coming for Georgians when Plant Vogtle comes online aren't all that we've paid. Billions aren't accounted for. The next PSC hearing on Plant Vogtle status and costs is Tuesday Jan. 17th at 9:30 AM.

He's not a Ga Power customer - he votes to raise your bills, not his. His electricity provider is Jackson EMC.
Attend the hearing on 11/17 and tell @timechols to stop the rich Ga Power profits and stop making you pay for their failure to deliver.
#highelectricbills #plantvogtle