FirstEnergy / Nuclear Energy

Dynegy CEO uses FirstEnergy’s words against it in nuclear-subsidy fight

COLUMBUS — “The CEO of Ohio’s largest power plant owner is using an electric utility’s own words against it in the latest battle over state energy policy.

In new testimony, Dynegy Inc. CEO Bob Flexon laid out a lengthy list of reasons against proposed subsidies for FirstEnergy Corp. nuclear plants, called zero-emission credits.

Flexon concluded with an argument – not his, but FirstEnergy’s – that best summed up his position.

‘In the event my words aren’t as persuasive as I hope, then perhaps the following statements will resonate with you,’ he said in the testimony, filed on Tuesday ahead of a new hearing on the bill:

‘First, with respect to electric generation, competitive markets work. They deliver the lowest price over the long term to customers, and the proof is undeniable. Second, measures that restrict customer shopping or subsidize one electric generator over another are throwbacks to monopoly regulation. Such efforts that pick ‘winners’ and ‘losers’ in the energy market would create obstacles to private investment in generation and increase prices for customers … more important, all of (FirstEnergy’s) generation-related investments – including the risks that accompany them – are now borne by (FirstEnergy) shareholders and not by customers.’

That was testimony before the same Ohio House Public Utilities Committee in October 2011 by FirstEnergy General Counsel Leila Vespoli. Called ‘Competitive Markets Work,’ the testimony is viewable online.”

— Tom Knox, Columbus Business First

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