PATH pummeling proceeds at FERC

6/23/2011

FERC issued another settlement judge's report today on the on-going "settlement" between PATH and all the original intervenors in the matter of the granting of incentives. At issue is PATH's 14.3% ROE. It's going to be cut. In fact, the PATH companies have accrued funds in their year end FERC filings set aside for "rate refunds."

Despite the last settlement judge's report that said things were wrapping up, it looks like the battle rages on... in "private." Of course, it's YOUR money they're talking about, little consumer, but don't worry your silly little head about matters so "complicated." It's none of your business!

Oh, come on.... get to the punchline here!

5 Comments

JustMe

6/23/2011 10:59:12 am

Wonder who that 'attorney' was. Sounds like it might be a randy candy affair.... HAAAAAAAH This just ain't lookin' good for that PATH-etics. Does that sound like a singing group? Hey Cissy!!!!!

JustMe

6/23/2011 11:02:17 am

And K... There IS a punchline: "It's not so complicated little corporate mites -- the hillbillies have it all figured out and they are 10 steps ahead of you."

Keryn

6/23/2011 05:31:48 pm

The worst are the "consumer" advocates who arrogantly inform the "little people" how hard they are fighting for them... only they're not. They have one eye in the mirror while they watch themselves "protect consumers." They're too willing to throw you under the bus as a bargaining chip, however, because it's all about their "power" over corporations and not about how much money it ends up costing you. Your concerns aren't important, but the advocate's fantasy interpretation of what you want (which bears little resemblance to reality). Frustrated little folk.

bh link

6/23/2011 06:25:15 pm

The whole situation with this incentive case illustrates perfectly how both industry and the regulators game the system. The 14.3% incentive rate was too high to begin with (quite apart from the fact that PATH itself was bogus). Chairman Wellinghoff filed a dissent saying so when the Cheney-controlled FERC voted to give it to AEP/Allegheny.

This case should have been disposed of and the incentive rate lowered within 6 months of its original filing. FERC should have ordered a full and immediate hearing. Instead, they appointed what they actually called a "settlement judge" not to rule on lowering the incentive rate, but to monitor a voluntary settlement among the power companies and the state PSCs that challenged them.

So the case drags on and on, and the power companies continue to collect their money, getting no interest loans from rate payers to bolster their cash flow.

This open case on the amount of the incentive also, for all intents and purposes, blocks a challenge to the underlying award of an incentive to PATH at all. FERC has said as much in other settings.

Keryn

6/23/2011 07:11:53 pm

The clocks at FERC operate in some sort of time warp. Two years and nine months to schedule a re-hearing that was ordered in 2008? That delay, however, worked to the consumers' advantage because of all that had changed since the incentives were awarded. But, conditions have changed even more now, so let's get on with it.

It's not about what's "just and reasonable," it's about what PATH, other corporations and state regulators agree is a good compromise between usurious corporate welfare and "just and reasonable." Any compromise by regulators on behalf of consumers obviates the principle of "just and reasonable." "Just and reasonable" should be a factual finding, not a give and take with corporate greediness. I am not content with meeting corporations half way between "just and reasonable" and usurious greed.

It's all a big, expensive game played by lawyers using consumer funds like monopoly money.

PATH pummeling proceeds at FERC

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PATH pummeling proceeds at FERC

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StopPATH Blog

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