SCE&G is demanding from its customers a total of $4.3 billion to pay for a failed nuclear project that will never produce a single watt of electricity. In the real world, such a failure would result in the responsible executives being summarily fired and the financial burden would fall on the shareholders at the expense of their dividends and a resulting hit to their stock price.
Regardless of the convoluted wording of the Base Load Review Act, the failure involves mismanagement and deceit by the top executives and lax oversight on the part of the Public Service Commission. The lenient provisions of the BLRA should be voided by such malfeasance and not apply in the allocation of the fiscal burden.
In bygone days, people who knowingly deceived so many ratepaying citizens would be tarred, feathered and run out of town on a rail. Today, this would be politically incorrect, so firing would be more appropriate treatment of those responsible. Denying them their golden parachutes and clawing back their bonuses would be justified as well.
The Legislature, having gotten us into this mess by enacting the BLRA, should repeal it in the first days of the session before it can do further damage and find a way to make the ratepayers whole. The terms of the Dominion purchase should have contained complete release of the taxpayers from all the financial burden, past and future, resulting from the failed nuclear project. This means rebating the $2 billion already paid by the ratepayers and eliminating any future payments tied to the failed nuclear project.
Are we ratepayers going to take this lying down?
David C. Cannon