Delmarva Power Economic Interests

Delmarva Power has devoted an entire section of its website to opposing the Bluewater Wind agreement. The company's president, Gary Stockbridge, says he's balking at the agreement with Bluewater Wind because it will cost us too much:

We recognize the hardship that rising energy prices have had on our customers. That is why it is important to protect the environment while also protecting the consumer. I simply don't believe him on this for two reasons:

First, the wind power project will cost us extra if fossil fuel prices go down significantly over the next four years - an assumption so far fetched as to border on delusional.

Second, Gary Stockbridge doesn't represent my interests. He reports to the management of Pepco Holdings, which reports to a board of directors, which is accountable to its shareholders. Pepco Holdings exists to earn a profit for its shareholders, to the extent allowed by the law.

By way of contrast, Arnetta McRae, who chairs the Public Service Commission (PSC), does represent my interests. She is appointed by the governor, who is elected by popular vote. The PSC exists to regulate utilities, to the extent allowed by the law.

There are various theories as to why Delmarva Power is fighting the wind farm so vigorously: The company is protecting the interests of its sister company, Conectiv, which operates power generating plants. The company doesn't want to tie up its buying power with a long term power purchase agreement. The company's management sincerely believes in the magical restorative powers of the free market.

I don't need to know which is true. (I do know that Delmarva is spending millions to kill offshore wind, and sending me the bill.) In the end, all I need to know is that Delmarva Power doesn't work for me.

Origin: energy-saving-technologies.blogspot.com