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FirstEnergy, Failing on Its Own, Seeks a Multimillion Hand Up Now From Customers

first_imgFirstEnergy, Failing on Its Own, Seeks a Multimillion Hand Up Now From Customers FacebookTwitterLinkedInEmailPrint分享Parkersburg (W.V.) News & Sentinel:The first of three hearings in front of the West Virginia Public Service Commission is scheduled for this Wednesday at 6 p.m. in Parkersburg City Council Chambers. The power company is hoping you stay home. FirstEnergy is seeking approval for its MonPower and Potomac Edison subsidiaries to buy the Pleasants Power Station from out of state FirstEnergy subsidiary Allegheny Energy Supply for $195 million.FirstEnergy’s rationale for the sale is a bunch of high-minded double talk about how it will benefit energy consumers. Once you understand the issues, however, it becomes clear it is actually a cynical ploy to bail out a non-competitive drag on their portfolio with a hefty subsidy forced onto their customers.Approving the sale would move the plant from the competitive energy market in Ohio into West Virginia’s regulated environment. This outdated coal-fired plant can’t compete with newer, more efficient gas-fired, wind and solar sources in Ohio. It is losing money for FirstEnergy’s investors. In West Virginia’s regulated environment, utilities must be granted rate increases until they become profitable. A transfer would likely cost customers $470 million over the next 15 years, or $69/yr. for residential customers, according to testimony from energy consultant David Schlissel filed with the PSC Aug. 25.FirstEnergy CEO Chuck Jones has described the proposed Pleasants transfer as being modeled on the sale of the Harrison Power Station from AES to Mon Power 3 years ago. If he’s right it doesn’t bode well for us. An Institute for Energy Economics and Financial Analysis (IEEFA) report concluded that this sale has cost customers more than $160 million in excess fees and deficits so far.FirstEnergy dubiously claims that energy prices are going to rise. In this contrived scenario they say the acquisition would benefit ratepayers to the tune of $636 million over the next 15 years. If this plant will be such a spectacular performer why are they so desperate to unload it? The IEEFA explains the contradiction by undermining the power company’s rosy scenario in an Aug. 28 article, citing “the ongoing environment of low wholesale power prices… driven by cheap natural gas, relatively flat power demand, and increasing penetration of renewable energy and the growing uptake of energy efficiency.”FirstEnergy knows its cost saving argument can’t withstand scrutiny. They’re hoping the PSC will swallow their assertion that they’re in the beginning of a capacity shortfall that will peak in 2027 and require Pleasants to shore it up. In filings with the PSC analyst Schlissel concluded that FirstEnergy overstates the projected shortfall by 400 MW and doesn’t need another plant. Their need for Pleasants is based on them having disingenuously sized a system to meet peak demand in West Virginia during the winter. This is not necessary or good policy. These temporary shortfalls are most economically provided for by purchases from the grid — not the purchase of an entire plant.Energy companies are not guardians of the public interest. They exist to make a profit. And sometimes they shave the truth pretty closely. The responsibility to protect the public lies with the PSC. However, recent PSC decisions are cause for concern. The application of FirstEnergy to sell the Harrison Power Station to MonPower mirrored the current Pleasants Power request, yet the PSC granted the sale. An agreement from the Harrison sale triggered the PSC to issue a request for competitive proposals from FirstEnergy for additional capacity. This FirstEnergy did not want. So they dug up and resubmitted a different set of data that showed no shortfall. FirstEnergy’s projections seem highly conditional: There is a shortfall when it suits their purposes and it disappears when it doesn’t.An IEEFA study “First Energy, A Major Utility Seeks A Subsidized Turnaround” describes the level of mismanagement that has landed FirstEnergy in the financial hole it is currently in. It is banking on being able to continually stay ahead of the consequences of its poor decisions by benefiting from equally poor decisions from our Public Service Commission.This deal stinks. FirstEnergy is hoping this sale gets connected to “war on coal “ hysteria in enough people’s minds to obscure what’s really happening: A shameless, predatory corporate bailout. More: Op-ed: Shedding light on FirstEnergy requestlast_img read more

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IMCA RaceSaver Sprint Cars chase $1,200 check at U.S. 36

first_imgOSBORN, Mo. – Friday, Sept. 18, marks the penultimate points race at U.S. 36 Raceway for the 2020 championship season.  Along with the continued points battles, IMCA RaceSaver Sprint Cars are racing for $1,200 to win and $250 to start in a draw and redraw show. IMCA Modifieds, IMCA Sunoco Stock Cars and Karl Kustoms Northern SportMods are also racing. Pits open at 4 p.m. The grandstands open at 6 p.m., with hot laps at 7:30 p.m. and racing at 8 p.m. Tick­ets for the event are $20 for general admission, $18 for senior and military and children 12 and younger are free. Pit passes are $35. center_img The final two events at U.S. 36 Raceway are Championship Night on Friday, Sept. 25 and the second annual Missouri IMCA Nationals on Oct. 8-10. More information on the Missouri IMCA Nationals will be released later this week.last_img read more

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“Losing against Oly was not an option” – Kotoko’s Obed Owusu

first_imgKotoko attacker Obed Owusu says they had no option than to win their game against Accra Great Olympics in their match day-18 encounter at the Accra Stadium Sports stadium on Wednesday.It was a huge sigh of relief for the Porcupine Warriors as they recorded their first win in the second half of the season. After suffering back to back defeats to Heart of Lions and New Edubiase, Dauda Mohammed opened scoring for the Reds in the 22nd minute before Olympics levelled four minutes to half time.Ahmed Toure missed a penalty getting to the end of the first half but quickly redeemed himself with a goal to end the first half 2-1. Olympics pulled level in the 58th minute through Daniel Appiah before Toure scored his second to make it 3-2 in favour of Kotoko.“We were under pressure to win the game after losing our first two matches, so we had no other business than to win this game,” said Obed Owusu at the post match conference “The league is still ongoing and it is all not lost so i believe we can turn things round and record good results going forward so we can defend our title.“We need to continue working hard to change the current situation we find ourselves.”Kotoko, who before the game flirting with relegation, have now moved into the 7th position while Olympics are 15th on the log.Kotoko’s next game is against Liberty Professionals at the Carl Reindolf Park this Sunday.–last_img read more

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Pruet takes pole at Telcel-Motorola 200

first_imgMEXICO CITY – Scott Pruett won the pole for today’s Telcel-Motorola 200, the third race south of the border in NASCAR’s Busch Series. Pruett averaged 103.647 mph on his fastest lap Saturday in the No. 41 Dodge on the 2.518-mile Autodromo Hermanos Rodriguez course. Mexico City native Carlos Contreras was second at 103.407 mph in a 22 Dodge, and Juan Pablo Montoya, the Colombian star who jumped from Formula One to NASCAR last season, qualified third at 103.391 mph in a Dodge. Montoya finished first in Friday’s practice and blamed changes in his car for his third place Saturday. “Yesterday the car had really good balance and today they made some changes and the car became really tight,” Montoya said. “I told them we shouldn’t make the changes but they said it will be better. I guess it wasn’t. “Things like that will happen and it’s quite a learning curve. But hopefully we have a decent chance of winning tomorrow.” Mexican Jorge Goeters, the pole winner in 2005, was fourth at 103.203. The 46-year-old Pruett said his road-course expertise should give him the edge. “I’ve had experience on road courses, which will give me a bit of an advantage. As long we do things smart and make the right calls on stops we’ve got a shot to win it,” Pruett said. “Our car is running is good and we are going to just keep doing what we are doing.” center_img Contreras ecstatic about his performance. “I don’t believe it. I’m very happy. Can you see my face, my smile?” Contreras said. “Respects to Scott. You beat me man. You’re fast. But tomorrow is a different day. There are different strategies and there are 80 laps not one.” Defending champion Denny Hamlin qualified fifth. “Last year, we just knew from a month before hand we were going to win. I kind of have that same confidence this year,” he said. “Scott Pruett and Juan Pablo Montoya have the road-course background and are with awesome teams, so we are going to step up our game to beat them.” 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more