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Economy and Business


Congressman Kucinich asks for investigation of Cleveland energy deal
Monday, Kucinich asked the SEC to investigate deals made with Peabody Energy Company.
Story by JON REISDORF


 

Congressman Dennis Kucinich has asked that the Securities and Exchange Commission fully investigate agreements that now commit Cleveland Public Power to pay around $19 million for investing in a coal plant.

The agreements are with Peabody Energy Company in Illinois and involve Cleveland Public Power and more than 200 other Midwestern municipal power agencies, which became part owners of Peabody Energy’s new Prairie State Energy coal plant. Kucinich says the city of Cleveland signed a 50-year deal to invest in the plant with a promise of lower electricity costs.

“I was reading stories about how Cleveland City Council in October 2007, was given information that said that for the city to invest in this they would have about a seventy-two percent reduction in the cost of power. And now, we’re seeing that it has gone from a seventy-two percent reduction to the cost of power being doubled.”

Cleveland’s deal specified that the ratepayers would pay even if the plant never generated electricity.

“So now you’ve got these utility ratepayers that are on the hook. What I want to happen is to just go over the entire deal to see if people were properly advised. And if they weren’t then, you know, they’ll be further legal action.”

Kucinich says Peabody could be owed billions for energy it may never provide. He also asked the Federal Energy Regulatory Commission to investigate the deals last week.


Listener Comments:

Thank God someone's watching and trying to prevent financial hardships to utility customers and others.


Posted by: jj (MO) on October 2, 2012 10:10AM
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