Listen to the folks who run some of our biggest electric utilities: Tom Fanning, chief of Southern Company, in 2016 about its nuclear project in Georgia, which is years behind schedule: “It has gone beautifully. And we’re on schedule.” Kevin Marsh, CEO of SCANA, in 2016 about South Carolina’s V.C. Summer nuclear project a few months before it collapsed: “We’re excited about where we are.” Lewis Hay, CEO of Florida Power & Light, in 2011 about nuclear upgrades that cost twice as much as promised: “Our customers should greatly benefit.” And Fanning again in 2015, this time about his company’s clean coal project in Mississippi, which isn’t burning coal or cleaning it: “We’re on a real winning streak right now. They should have said “thank you,” because money they torched on these and other power plants wasn’t theirs. It was yours. Over the past decade, state legislatures across the country rewrote rule books for how power companies pay for new power plants, shifting financial risks away from electric companies to you and everyone else. This rule change ignited a bonfire of risky spending — $40 billion so far on new power plants and upgrades, a Post and Courier investigation found.
Post & Courier 10th Dec 2017 read more »