“A bill much like this in Colorado was pushed 4 years ago as costing only 2% and it is now looking like it will be at least 21%. Warren Buffet doesn’t buy things which will won’t make money. (See today’s newspaper.) If SB 123 passes as it is now, PUCN will have limited ability to slow Buffet’s capital spending which will assure the 10.5% ROE (rate of return on equity) that all ratepayers will pay. Independent Power Producers (private investors) making efficient power generation operation of all types will be pushed out. Jobs will be lost and power bills will be higher — much higher. I think we have the potential to see rate hikes HIGHER than those in Colorado, but that is only my guess.”
NV Energy said rates would increase only 4 percent more than they otherwise would, but PUC staffers have questioned the figures.
One PUC commissioner called the bill “more smoke and mirrors.” Another said it fails to “provide real protection for ratepayers.” And the third one called it a “huge gamble for ratepayers and shareholders.”
PUC staff adviser Anne-Marie Cuneo said the plan would keep rates down in the short-term but would load higher costs at the end. “Your kids will end up paying for electricity that you used nine to 10 years ago, with interest,” Cuneo said.
The bill has already passed the state Senate unanimously and is likely to easily pass the Assembly. Gov. Brian Sandoval in a joint press release with Sen. Harry Reid endorsed the bill.
The governor is probably the last feint hope. Interestingly he has a re-election web page posted asking for people’s opinions. If you don’t mind giving his campaign your email, you good give him your thoughts on this at: http://www.briansandoval.com/ideas.
The Review-Journal this week editorially called on the governor to use a pocket veto so the Legislature cannot override.
The session ends Monday.
Or, as they said in “Animal House“:
Otter: Bluto’s right. Psychotic … but absolutely right. We gotta take these bastards. Now we could do it with conventional weapons, but that could take years and cost millions of lives. No, I think we have to go all out. I think that this situation absolutely requires a really futile and stupid gesture be done on somebody’s part!
Bluto: We’re just the guys to do it.
Warning, rough language: