Although the PATH project is "suspended," we still pay to keep it on life support at the federal level as long as the "suspension" goes on. We are responsible for paying PATH a yearly return on the amount of capital they have invested in the project. In addition, we cover their taxes on income (including that return), their taxes on the real estate they continue to hold, their operating and maintenance costs for the project. It looks like there isn't a lot of planned spending in 2012 that would indicate they intend to do anything other than linger in a zombie state in 2012. This zombie state will earn them a $14,675,718 profit on their investment in 2012.
PJM and PATH told us that their project would be re-evaluated this fall and a determination made on the future need for it under the new planning scheme. That's not going to happen. PJM's new planning process has been delayed until sometime next year, according to the latest update I've heard.
Other items of interest in the PTRR -- CWIP balances will fall for both operating companies. This indicates that the forfeiture of property purchase options will most likely continue on both sections of the line, northeast and southwest of the proposed Welton Springs substation. PATH is dead, dead, dead along its entire formerly planned route.
As part of the publication of this proposed budget, PATH is required to hold an "Open Meeting" to explain it to "interested parties," and answer your questions. You are an "interested party." Don't think you have to be an accountant to participate -- the discussions can get pretty general. We got a really good group participating in PATH's 2010 ATRR meeting in July, and we look forward to even more participation this time.
Once again, PATH has chickened out on holding a live, in-person meeting in D.C. It must be pretty hard to look into the eyes of real people who are personally affected by your company's greed. The meeting, on October 19 at 10:00 a.m., will be held via conference call -- dial in and ask a question, or merely listen in as others grill PATH, and hear PATH's attorneys sputter, deny and make stuff up. It's quite entertaining! :-)
In order to attend, you must send in a R.S.V.P. to PATH's counsel either via email or telephone before October 13. Instructions are here.
If you're in the tri-state and want to come to a live, in-person, PATH Open Meeting breakfast party on the patio that day, just let me know sometime before the meeting. Last time we had a lot of fun -- before, during and after the "meeting," which we jointly participated in via speaker phone.