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Florida Power & Light seek 31% rate hike.

 
Electricmancometh
User ID: 737308
United States
08/16/2009 06:52 PM
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Florida Power & Light seek 31% rate hike.
ENERGY
Florida electric utilities keep top salaries top secret
Two electric companies won't disclose their executive pay packages, saying it's not the public's business.


BY MARY ELLEN KLAS
Herald/Times Tallahassee Bureau

TALLAHASSEE -- In their bids to get electric rates increased next year, two of the state's top electric companies said Monday that it's not in the public's interest for them to disclose how much they pay their top executives, according to documents filed with state utility regulators.

Florida Power & Light and Progress Energy argue that disclosing how much they pay their executives in salaries, stock and bonuses is not necessary for the Public Service Commission to determine whether to allow it to raise rates by as much as 31 percent starting next year.

But PSC staff argues otherwise, noting that the salary data is essential to the regulators' ability to ``evaluate the appropriateness of the employee compensation to be included in the rate base.''

FPL wants permission to increase its base rates by $12.40 a month starting Jan. 1, a 31 percent increase in the base rate. FPL estimates that lower fuel costs will offset the rate hike so that customer bills will decline in the short term.

But state regulators say they want to know how much the companies are paying their top employees to determine whether customers are picking up too much of the tab.

Commissioner Nancy Argenziano asked the staff to find out how many employees at the companies get paid more than $165,000 a year. In a letter last week to PSC Chairman Matthew Carter, Argenziano said it was the obligation of regulators to make sure that the ``piggishness'' of Wall Street wasn't reflected in Florida.

``More baldly: they don't care as long as the rate payer picks up the tab,'' she wrote. ``Thus, the PSC is the only policeman on the block.''

The PSC will determine on Aug. 18 whether to force FPL and Progress Energy, as well as the state's other investor-owned utility companies, to report their executive compensation. In its motion filed Monday, FPL attorney Barry Richard argued that if they disclose how much they pay their top executives, including bonuses and benefits, they will hurt employee morale, drive up compensation costs and open the door to competitors poaching employees.

The companies have supplied the PSC with part of its request but they left out names of the employees attached to the salaries and asked the information remain confidential.

Argenziano countered, however, that if the PSC isn't given the names, it can't ensure that the companies aren't compensating employees because of their personal relationships with executives.

Meanwhile on Monday, Florida Public Counsel J.R. Kelly filed a motion that argues that Progress Energy should be stopped from getting its $500 million rate increase and instead be ordered to lower its rates $35 million. He says the St. Petersburg-based electric company has been making hefty profits by accumulating $850 million in excessive depreciation and it should be returned to rate payers.

Kelly made similar arguments in opposition to FPL's rate case. He argued that FPL should decrease its rates by $364 million in 2010 instead of raising them $1.3 billion. The FPL request would mean that base rates for the average customer would increase $12.40 a month starting Jan. 1. FPL estimates lower fuel costs will offset the hike.

The commission will begin hearings on FPL's request on Aug. 24 and rule by mid-November.

[link to www.miamiherald.com]
DaJavoo

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08/16/2009 06:54 PM
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Re: Florida Power & Light seek 31% rate hike.
And this is BEFORE Crap & Tax. DJbugeyes
:DJrebelli:
nicolaem
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08/16/2009 06:55 PM
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Re: Florida Power & Light seek 31% rate hike.
good post.. natural gas and gasoline are both linked into the price of a barrel of oil..its called the energy sector..
Anonymous Coward
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08/16/2009 07:11 PM
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Re: Florida Power & Light seek 31% rate hike.
good post.. natural gas and gasoline are both linked into the price of a barrel of oil..its called the energy sector..see why t boone pikens tries to steer capital onto lessor alternative energies..this keeps capital away from nuclear.. he got a kick upstairs and manages bp capital..so the beast decides to pick on florida as it has no state tax
 Quoting: nicolaem 469233
Anonymous Coward
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08/16/2009 07:13 PM
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Re: Florida Power & Light seek 31% rate hike.
Florida Power & Light and Progress Energy argue that disclosing how much they pay their executives in salaries, stock and bonuses is not necessary for the Public Service Commission to determine whether to allow it to raise rates by as much as 31 percent starting next year.



Sounds like FPL thinks that they are UNTOUCHABLE.
They might be High & Mighty, but they ain't UNTOUCHABLE.
Anonymous Coward
08/16/2009 07:13 PM
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Re: Florida Power & Light seek 31% rate hike.
This is extremely.....not good..
Treasure Bound

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08/16/2009 07:15 PM
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Re: Florida Power & Light seek 31% rate hike.
This is extremely.....not good..
 Quoting: Phoenix 2012

LOL no shit...............31% talk about usury!
"We don't inherit the earth from our ancestors, we borrow it from our children"--Native-American proverb

People were created to be loved while things were created to be used. The reason the world is in chaos is that, things are being loved and people are being used

:Treasures122:

In Solidarity with Janey
[link to i25.photobucket.com]
Anonymous Coward
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08/16/2009 07:20 PM
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Re: Florida Power & Light seek 31% rate hike.
This is typical behavior for Florida Plunder & Loot.
Anonymous Coward
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United States
11/12/2012 02:15 PM
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Re: Florida Power & Light seek 31% rate hike.
Shut my old account down for no apparent reason, They lie constantly about shit,turn the power on my new account without even paying a deposit to try to cover their asses for being liars. Since the smart meter has been installed my bill has gone up 200 and our power surges ATLEAST once a day since. Then they send out a news letter to everyone which states that everyone should get surge protectors from FPL because surges cost you money .

-Also when I Opened my new account on the same day charged me for 28 days of service that I didn't use and the account didnt even exist at the time and I was still using my other account at that time. Doesn't make since.

Right now they have 1000 in my deposit money .
My orginal deposit was 500 .
Hope I can see that back again but I doubt it .

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