If so, AEP CEO Nick Akins had a very bad day yesterday.
He showed up in Oklahoma City to sit through a regulatory hearing on the company's Wind Catcher project. I've been doing this for a decade and I have never, ever seen a utility CEO show up at a regulatory hearing (Clean Line, you don't count because you're not a utility). CEOs never show up in person at state regulatory commission hearings, so what does the appearance of Nick Akins tell us about the importance of Wind Catcher to the company's bottom line? When a transmission project is for some actual purpose, like reliability or economics, Akins isn't interested. But when there's a completely optional, unneeded project that supposedly saves ratepayers tons of money and puts the company at huge risk with numerous, ironclad savings guarantees for customers, Akins can't stay away. I'm going to take a wild guess here and posit that Wind Catcher is more about profits to the company than it is about risks. AEP's song and dance about benefit to ratepayers is just an act.
Poor, poor Nick! I don't think he was aware that he would be consorting with the hoi polloi, or that actual people affected by his money-making projects would have the opportunity to make public comment in his royal presence. Or maybe he thought none of the common people would recognize him. I'm sure his presence was only intended to prod along the state utility commissioners who populate the dossiers his employees give him so he can make comments about their personal lives designed to earn their undying devotion. It wasn't so affected landowners like Mr. Hisey could point their fingers at him and ask if Nick wants a transmission line in his own backyard.
I'm thinking the answer is no, even if the Chairman of the OCC did try to rein Mr. Hisey in and rob him of his golden opportunity to confront the one man who is ultimately responsible for turning his life into a living nightmare. I don't see any power lines in Nick's backyard.
He showed up in Oklahoma City to sit through a regulatory hearing on the company's Wind Catcher project. I've been doing this for a decade and I have never, ever seen a utility CEO show up at a regulatory hearing (Clean Line, you don't count because you're not a utility). CEOs never show up in person at state regulatory commission hearings, so what does the appearance of Nick Akins tell us about the importance of Wind Catcher to the company's bottom line? When a transmission project is for some actual purpose, like reliability or economics, Akins isn't interested. But when there's a completely optional, unneeded project that supposedly saves ratepayers tons of money and puts the company at huge risk with numerous, ironclad savings guarantees for customers, Akins can't stay away. I'm going to take a wild guess here and posit that Wind Catcher is more about profits to the company than it is about risks. AEP's song and dance about benefit to ratepayers is just an act.
Poor, poor Nick! I don't think he was aware that he would be consorting with the hoi polloi, or that actual people affected by his money-making projects would have the opportunity to make public comment in his royal presence. Or maybe he thought none of the common people would recognize him. I'm sure his presence was only intended to prod along the state utility commissioners who populate the dossiers his employees give him so he can make comments about their personal lives designed to earn their undying devotion. It wasn't so affected landowners like Mr. Hisey could point their fingers at him and ask if Nick wants a transmission line in his own backyard.
I'm thinking the answer is no, even if the Chairman of the OCC did try to rein Mr. Hisey in and rob him of his golden opportunity to confront the one man who is ultimately responsible for turning his life into a living nightmare. I don't see any power lines in Nick's backyard.
Good call, Mr. Hisey, good call.
And what may Nick Akins have been feeling at that moment? Was it shame? That's what a normal human response should have been. But I'm thinking ol' Nick just brushed it off as "noise and rhetoric," as creepster PSO spokesman Stan Whiteford characterized it. By the way, Stan looked weirder than ever in his interview segment. Who's been taking lessons in making the crazy eyes? You da man, Stan!
So, testimony was taken yesterday from AEP's regulatory something or other guy. While he sailed along nicely under direct from his own attorney, he fell completely apart under cross from Mr. Dean Luthey of GableGotwals, attorney for The Windfall Coalition. Mr. Luthey is the cat and AEP's witness is the mouse here. Mr. Luthey, you're a beast. Not sure when I've enjoyed watching a cross examination this much. There were no good answers to Mr. Luthey's questions... damned if you did and damned if you didn't. But Mr. Luthey's skills at witness control aside, you need to listen to what he's saying and the points that he's making, especially the part about cost of capital. So, AEP wants to build this project and it's so certain it will generate customer benefits that is has made certain guarantees that ratepayers will receive a savings, even if PSO has to dip into its own pocket to provide the cash. So, in theory, PSO could end up losing money on this deal? That's not very healthy for the company, is it? In fact, a profit negative utility in Oklahoma is risky for Oklahomans. Mr. Luthey talks about how an unhealthy company would have to pay more to borrow money. The cost of borrowing money finds its way into every customer's electric bill. Who's really taking on risk here?
More testimony and public comment today. Will the Commission vote at the end of the day? From what I've seen, I doubt it. Everyone got all excited yesterday thinking the hearing would be a quick and dirty vote in favor of the project. When that didn't happen, fewer people showed up again this morning. No live video feeds from the news stations. This hearing is is just long enough to bore people. Maybe even Nick Akins.
And what may Nick Akins have been feeling at that moment? Was it shame? That's what a normal human response should have been. But I'm thinking ol' Nick just brushed it off as "noise and rhetoric," as creepster PSO spokesman Stan Whiteford characterized it. By the way, Stan looked weirder than ever in his interview segment. Who's been taking lessons in making the crazy eyes? You da man, Stan!
So, testimony was taken yesterday from AEP's regulatory something or other guy. While he sailed along nicely under direct from his own attorney, he fell completely apart under cross from Mr. Dean Luthey of GableGotwals, attorney for The Windfall Coalition. Mr. Luthey is the cat and AEP's witness is the mouse here. Mr. Luthey, you're a beast. Not sure when I've enjoyed watching a cross examination this much. There were no good answers to Mr. Luthey's questions... damned if you did and damned if you didn't. But Mr. Luthey's skills at witness control aside, you need to listen to what he's saying and the points that he's making, especially the part about cost of capital. So, AEP wants to build this project and it's so certain it will generate customer benefits that is has made certain guarantees that ratepayers will receive a savings, even if PSO has to dip into its own pocket to provide the cash. So, in theory, PSO could end up losing money on this deal? That's not very healthy for the company, is it? In fact, a profit negative utility in Oklahoma is risky for Oklahomans. Mr. Luthey talks about how an unhealthy company would have to pay more to borrow money. The cost of borrowing money finds its way into every customer's electric bill. Who's really taking on risk here?
More testimony and public comment today. Will the Commission vote at the end of the day? From what I've seen, I doubt it. Everyone got all excited yesterday thinking the hearing would be a quick and dirty vote in favor of the project. When that didn't happen, fewer people showed up again this morning. No live video feeds from the news stations. This hearing is is just long enough to bore people. Maybe even Nick Akins.
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