The Al Sharpton of Power Companies Set to Get a New York State Bailout
We Have to Destroy the
Economy
in Order to Save
It
|
That’s a lot. And it brings to mind many thoughts regarding the Reverend. None of which, for normal people, is: What this guy really deserves is a government bailout check.
Yet that is what New York state Governor Andrew Cuomo is on the verge of doing for Exelon Generation - the Al Sharpton of power companies.
Exalon was just on the wrong end of a U.S. tax court decision - and has been ordered to pay the Internal Revenue Service (IRS) $1.45 billion in back taxes, penalties, and interest.
What is Exelon? A New York state power company. A very successful New York state power company. Net profits in 2015? $2.2 billion. And they’ve been solidly profitable for years. $1.72 billion in 2013, $1.16 billion in 2012. And $2.7 billion each year all the way back in 2008 and 2009.
So they should have no problem paying their (back) taxes. We should all have a problem with New York’s state government writing them a check - for possibly up to $7 billion.
As with all things government, the big corporation gets a check - and we little people pick up the tab. The bailout will add $2.3 billion to the energy bills of New York residents - many of whom are Exelon customers.
Get that? Exelon gets government money - Exelon customers get higher energy bills.
Exelon has spent nearly $300,000 on lobbying and lobbying-esque activities in Albany since 2014. It has obviously paid quick, exponentially inflated dividends. Hillary Clinton’s cattle futures are jealous.
This Exelon nonsense is a small part of Governor Cuomo’s huge “green energy” nonsense. Without benefit of the state legislature, Governor Cuomo’s Public Service Commission (PSC) in late July issued a fiat mandating that by 2030 half of New York’s energy needs must be met by renewable methods.
Small problem: “As of 2015, New York only generated 11% of its energy via renewables. A tally it has taken them decades - and tens of billions of subsidy dollars - to attain. And now they have mandated a nearly 500% increase - in only fifteen years. Predicated, again, upon energy sources that require massive, ongoing government cash infusions - and in most instances take more energy to produce than they provide. The New York State mandate is a VERY expensive proposition.…”
For which New Yorkers will be paying. And paying. And….
It can not be said enough: most “green energy” is neither green nor energy. Wind, solar and biofuels are actually awful for the environment - not at all green. And they are so prohibitively expensive - they make zero sense as energy.
New York’s government can’t pay for its huge new mandate - without first taking it from New Yorkers. Who will be paying, and paying, and….
Nuclear is actually a clean, viable energy source. As demonstrated by Exalon’s very tidy profits each and every year for at least a decade.
So why on Earth are they too set to get a multi-billion-dollar government check?
It makes zero sense - in a Governor Cuomo plan filled to the brim with things that make zero sense.
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Seton Motley is the President of Less Government and he contributes to ARRA News Service. Please feel free to follow him him on Twitter / Facebook.
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