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As FPL is the largest employer in the State of Florida, it is not uncommon to read about them not only for humongous rate increase requests but for salaries of their top executives. Lewis Hay, chairman and chief executive of NextEra Energy, collected $22.6 million, up from $19.6 million in 2010.
FPL likes to brag that it gives safe and reliable service to its 4.6 million Florida customers and holds power generating assets in 20 states. Back in 2007, it wanted to build a coal burning power plant in Moore Haven near the western edge of Lake Okeechobee. That request was turned down because of the probability that it would emit toxic chemicals into the lake as well as into the Everglades.
It changed its name a few years back to NextEra Energy to highlight its commitment to renewable energy. It owns two nuclear facilities, one of which is St. Lucie where Lake Worth owns two shares.
Recently they requested a $690.4 million rate increase with a settlement offer of $548 million through 2013 stating that they would be able to continue their high reliability, excellent customer service and low emissions allowing them to have a 10% rate of return on equity. The maximum allowable is 11%. The settlement is giving them cost recovery for $3 billion worth of power plants and shifting the costs to residential ratepayers.
When FPL presented its proposal for our business at City Hall on August 14, 2012, I didn't get any sense that they were the least bit excited about our business. They have 4.6 million customer accounts, 42,588 MW in operation, $25.3 billion in operating revenues and $53 billion in total assets. It was the least interesting of all the presentations.
I really don't care how much FP&L pays their sr execs or how much their rate increases are---as long as their rates continue to be 30% below ours.
ReplyDeleteGiven the EPA requirements, I really don't give a good gosh darn how much of FP&L's energy is generated by coal.
Thanks for your profound thoughts on FPL.
ReplyDeleteWhy would FPL be excited to have our business? It's a freaking disaster and has been for 40 years. As you said, they are one of the largest and most profitable companies in FL. Why? Because they are well run and their exec's should be rewarded for doing such a great job. I'm not offended one bit that people who earn their company billions of dollars in profits are paid millions of dollars in salary. If they weren't they'd quit and go somewhere else. It is us, the LW residents, that should be excited that they would take over. Anyone who says the vast majority of LW residents do not want FPL to completely take over is lying. I've never met one person who does not want FPL in and LWU out - except Annabeth Karson and the value of her opinion is, well, we won't go there.
ReplyDeleteThank you. You just gave one great reason why they are objectionable--they have made BILLIONS in profits off the backs of their customers. No exec should be rewarded to the point of obscenity. Why would anyone be excited about some publicly traded company wanting to snatch our Utility and giving us pennies on the dollar perhaps. Our Utility is not a disaster. Extensive studies would have to be done.
ReplyDeleteYou really are quite the wordsmith. Descriptions such as "off the backs of" and "to the point of obscenity" gives us a sharp window into some of your deeply held beliefs.
ReplyDeleteSo, how much would YOU limit the execs to. Is $1 million obscene? How about $10 million?
I personally would love for some energy conglomerate to come in a "snatch" 30% of my monthly electric bill.
Please... let's start the extensive studies!!!
Consider this-
ReplyDelete1. Without taking $9 million from our Utility in order to operate our budget, do you think that we would have lower prices?
2. Do you think that if we could control escalating union costs, that we could offer lower prices to the customer?
3. Do you really believe pay packages of this magnitude are justified? Have you EVER worked for a public company?
4. Or is this all about just liking FPL? That means that no other company that presented would be acceptable to you irrespective of the price of power?
For those that where at the meeting Tuesday to hear and see the presentations, when the rate comparison chart (hat it seemed like Commissioner Mulvehill was seeing for the first time), of all the public and municipal owned electric utilities serving FL the providers that had the lowest rates were ALL the publiclly owned utilities. Even the bigger municipal utilities that are now selling wholesale power outside of their service area were all higher to their local customer base. While all of us there saw that currently FP&L is about 33% lower than our rates now in LW. What that chart didn't show was that FP&L's rates have been 23% lower than LW Utilites for electric for the last 12 years. These rates are all residential rates, our commercial customers pay a lot more than what residential customers pay.
ReplyDeleteCommissioner Mulvehill was not seeing that for the first time--give me a break. She asked the question of many of them, how much revenue was going to the city's general fund. None could provide that information.
ReplyDeleteIn fact, Tampa Electric was a company rated 4 under FPL at $106.90 and is known in the industry as one of the better managed Utilities.
I was not at the meeting, but I can say this I am sick and tired of getting raped by the city with the utility bills, and I welcome ANYONE that can offer the residents lower rates to buy our little monster. I have friends in several different cities in Palm Beach County, and they have ALL told me if they had electric bills like mine they would " sell as fast as I can and get out of Dodge" Lynn, why do you thing with the allowable building heights for the last 20 years, that more Businesses have not come to Lake Worth, It can not be because of your PAC.
ReplyDeleteFirst of all, and let me say this one more time--I was a volunteer for Respectful Planning PAC. It is not MY PAC nor am I a member.
ReplyDeletePlenty of builders have come to LW over the last 20 years. All we have to do is look at the townhouse and condo projects on Federal particularly with zero setbacks that are empty.
Also, we have businesses continually locating to LW. Some businesses are doing well, others are not. It is the economy and also the product. Sometimes people have to stop blaming everyone else for their troubles.
Lynn First of I was bitching about the utilities, and IMO you bitch about everything.
ReplyDeleteIn reality, you are the one "bitching." When someone has a different opinion than you, they are bitching. I see.
ReplyDeleteMulvehill did not ask the municipal utilities about the contribution to their respective cities. That question was asked by Mary Lindsey of multiple bidders. She asked for the dollar amount and the percentage.
ReplyDeleteAfter Commissioner Mulvehill saw the before mentioned price comparison chart she asked what the line in the middle of the chart was? The mpresenter told her it was the median charges for electric in FL. LW was three cities higher than the statewide average. She then seemed proud of the fact that we, (LW), was three cities higher than the state average. She then said we need to inform (educate) our over-charged rate payers that we are almost as expensive as the average electric rate payers in FL for electric. Who would want to brag about LW as being average? That'd be like introducing your wife to someone by saying this is my average wife, we have two average kids. Who wants to be known as just being average? That's certainly no way to promote or brand our city as just being average.
ReplyDeleteOk, we get it. You all have beaten up Mulvehill for the last 2 years especially this past year since you have had the bullies in office. You can't give her any benefit of any doubt like perhaps she could not see what the graph said...I couldn't. You don't even deserve a conscientious commissioner like Suzanne Mulvehill.
ReplyDeleteWhy would Suzanne Mulvehill want to waste her time on a bunch of retards like you? You have to be the most nasty people in existence. Just to think you have any clout in this city is sickening. Just to consider that you have besmirched her reputation is even more sickening. You people take the cAke. I think you would rather have a porn king or a drug dealer on the dais than a reputable and highly educated person. Just shows the sick mentality.
ReplyDeleteHey Anon @9:17 -
ReplyDeleteAn MBA from Strayer Univ. online doesn't really qualify as being "highly educated." I think a GED requires more effort
God you guys are absolutely the pits.
ReplyDeleteEducation
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MBA , Business Administration
Florida Atlantic University
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Associates in Arts Degree , Libral Arts
Broward Community College
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Bachelor in Social Work Degree , Social Work
Florida Atlantic University