Nuke plant rate hike legislation delayed

But definitely not forgotten:

“They were going to introduce (the legislation) this week,” Duke Energy Chief Executive Jim Rogers told the N.C. Utilities Commission on Tuesday afternoon. “The decision was made that this would not be the best week to do it, but it will be done before the end of the session.”

Just to be clear, the dangers associated with nuke plants is really a side issue, although it may seem like a big issue right now. The focus should remain on ratepayers being forced to pay dearly for a project that may never be completed, and that banks wouldn't touch with a ten foot pole.

Duke wants authorization from the commission to spend $287 million more on planning for its proposed $11 billion Lee Nuclear Station near Gaffney, S.C. The company says the spending will carry the planning through 2013, when it expects to receive a federal construction and operating license.

Rogers testified that the company s committed to the plant. He said the only thing that could dissuade Duke from pursuing the plant is if the legislature does not change North Carolina law to allow Duke to collect financing costs for the plant during construction without going to a full review of its rates.

That last sentence is key. This legislation is an end-around; a way to avoid the standard NCUC review process for rate hikes, which would inevitably expose the unnecessary financial burden a costly nuke plant would place on ratepayers.

Let the NC Utilities Commission do their job. They are the link that makes the public/private formula work for everybody.

And just to get this on the record, here's the answer I received from my State Senator's office the other day:

Dear Mr. Harrison,

Senator Gunn sincerely appreciates your email voicing your opposition to legislation that allows power companies to raise utility bills to fund
new projects. Your input is extremely important to him while working through the issues and the budget deficit facing the General Assembly this session.

The proof is in the pudding, Rick, and all the other legislators who ran on a platform of protecting taxpayers from costly government shenanigans. This legislation would reach directly into our wallets, with no NCUC oversight to represent our interests.