PATH partners Allegheny Energy and American Electric Power recently held their 4th quarter 2009 Earnings Calls, where they present to their investors how well their companies are doing. As the snow piles up outside, it's quite fitting to take a peek at the questions these companies receive from their investors about PATH. Where do you think the snow is deeper? Outside your house or in these transcripts?
First, Paul Evanson, CEO of Allegheny Energy (total compensation $67.26 million), gets bombarded with questions about PATH:
http://seekingalpha.com/article/187041-allegheny-energy-inc-q4-2009-earnings-call-transcript
Next, read how Michael Morris, CEO of American Electric Power (total compensation $9.90 million), claims that, "There are many people who just simply don't want the project to be built and they continue to intervene in any one of a number of jurisdictions, not with an eye toward, "Is this a good idea or bad idea," just simply that they don't want to see it built." Who thinks PATH is not a bad idea?
http://seekingalpha.com/article/185224-american-electric-power-company-inc-q4-2009-earnings-call-transcript
Now here's a fright -- both companies brag about how they are reducing the amount of money they spend on maintenance. It's all about building new and making a huge profit, not about maintaining what they already have to ensure that their customers have reliable electric service. We already know about AEP's maintenance failures causing widespread and prolonged power outages in southern/central West Virginia during the December storm. Now we cross our fingers as an even bigger storm pounds Allegheny Energy's territory in West Virginia's eastern panhandle....
First, Paul Evanson, CEO of Allegheny Energy (total compensation $67.26 million), gets bombarded with questions about PATH:
http://seekingalpha.com/article/187041-allegheny-energy-inc-q4-2009-earnings-call-transcript
Next, read how Michael Morris, CEO of American Electric Power (total compensation $9.90 million), claims that, "There are many people who just simply don't want the project to be built and they continue to intervene in any one of a number of jurisdictions, not with an eye toward, "Is this a good idea or bad idea," just simply that they don't want to see it built." Who thinks PATH is not a bad idea?
http://seekingalpha.com/article/185224-american-electric-power-company-inc-q4-2009-earnings-call-transcript
Now here's a fright -- both companies brag about how they are reducing the amount of money they spend on maintenance. It's all about building new and making a huge profit, not about maintaining what they already have to ensure that their customers have reliable electric service. We already know about AEP's maintenance failures causing widespread and prolonged power outages in southern/central West Virginia during the December storm. Now we cross our fingers as an even bigger storm pounds Allegheny Energy's territory in West Virginia's eastern panhandle....
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