In 2009 Georgia and South Carolina both began construction on new nuclear power: Georgia's Plant Vogtle and South Carolina's Plant Summer. Cost overruns were so extreme that by 2017 the main contractor, Westinghouse, went bankrupt. bizjournals.com/atlanta/news/2…
That bankruptcy triggered a Go-No Go decision in each state. South Carolina officials decided to cancel Plant Summer. Georgia Public Service Commissioners ignored extensive public comments, energy experts, and their own PSC staff, and voted to continue.
One of them, @timechols, was then and continues to be a shill for nuclear energy. He lied to the media about the facts of the project which was reported in an article prepared by the @EnergyandPolicy. Open records request revealed the lying by Echols.
Georgians are now faced with the enormous cost of what he did. If $10 billion in cost overruns are added to rates it will be more than many people can bear. Read more in my essay about how this decision impacts Georgians. postandcourier.com/columbia/opini…
Accountability will be seen at the voting both as I work to expose the truth so that unsuspecting Georgians, who reasonably think state officials are looking out for their interests and are trying to keep their rates low, actually aren't. People are hurting now. It's beyond sad.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
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.
I have posted a lot of messages on this page opposing nuclear energy as a solution to climate change. But let's not hear from me. I wonder what others think?
1. “I oversaw the nuclear industry. Now I think it should be banned”. Essay by Gregory Jaczko 5/17/22. washingtonpost.com/outlook/i-over…
2. “Ian Blackford rubbishes case for Sizewell C on Question time” 11/18/22. Ian Blackford has said ‘we don’t need nuclear’ – Scottish National Party UK House of Commons (parliament) Tidal Power. We can produce safe green energy we don’t need nuclear. thenational.scot/news/23135460.…
The dust has settled and it’s time to debrief what happened in Ga Power’s rate proceeding last Tuesday (12/20/22) and how it impacts Georgia Power customers. I will focus on 3 parts:
Part 1 will focus on earnings and bills.
Part 2 will focus on climate change and solar energy.
Part 3 will focus on transparency and ethics.
In Georgia, rate cases are filed every 3 years. That does not mean your rates will only go up every three years. In fact rates will go up a shocking 5 times next year as I will explain now in Part 1.
Elected officials at the
Georgia Public Service Commissioners rate increase will raise Ga Power electric bills 12% over three years. In January the average bill will increase about 2.5% / mo., in 2024 4.5% / mo., and in 2025 about 4.5% mo.
The lower 2023 bill increase relative to 2024 and 2025 is to
I am frustrated with AJC coverage of the Ga PSC $3 billion rate case hearing beginning next week. Today’s Sunday AJC had a front-page story on the economy
and prices as the top voter concern with a headline “Economic fear often key to elections” on page A16 of the continued front page article, yet there is no coverage of the nearly 50% Ga Power rate hikes occurring in a mere 4-year span.
That rate increase will be a big driver of economic instability. Georgians pay 50% above the national average for natural gas. We will soon move from 8th highest electric bills to the top spot. Shouldn’t the AJC be reporting on that?
Did you know? PSC Chair @TPridemore has decided that the public is too much for her to deal with. Can you image the hubris of being paid $120k/year from state taxes and deciding the people who pay your salary should not be allowed to listen to commission hearings? I cannot.
@TPridemore should be grateful that anyone wants to stay and listen to complex energy regulatory policy matters and should encourage members of the public to be as involved as they can and want to be. This is a common problem with elected officials - they let the authority of
their position go to their head. I wonder what the National Association of Regulatory Commissioners would think about this new rule that disempowers Georgians, given she is joining their board? Let's see. @NARUC what do you think? This ok?